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Porsche says 0.02 percent of VW shares tendered

From Reuters| May 30,2007

About 0.02 percent of Volkswagen's outstanding stock had been tendered to Porsche as of 1300 GMT on Friday, May 25, Porsche said in a statement today.

The Stuttgart-based luxury sports carmaker, which launched a mandatory takeover bid for Volkswagen but offered the legal minimum as it had no intention of acquiring a majority stake through the bid, said investors had tendered 42,722 ordinary shares and 20,567 preference shares to Porsche.

It is offering just 100.92 euros per ordinary share and 65.54 euros per preference share – each price roughly 10 percent below current market rates.

The offer was triggered after Porsche raised its voting stake in Volkswagen above 30 percent, and the tender expires at 2200 GMT today.

Despite Porsche publicly stating it has no intention of acquiring a majority in Volkswagen through the bid and expects little acceptance, traders have said investors had repeatedly driven shares in VW higher due to expectation that Porsche would raise its offer.

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