A Leading Portal for China Auto Industry
Luxury carmaker Porsche unveiled a takeover offer for Volkswagen on Saturday at 14 percent below Friday's closing stock price.
The German maker of high-performance cars also said it does not want majority control of Europe's largest automaker. Porsche said in a statement it intended soon to raise its voting stake in Volkswagen to up to 31 percent from the current 27.3 percent. The larger holding forces it under German law to bid for the remaining VW shares.
Porsche already holds an option to purchase up to 3.7 percent of VW ordinary shares. Exercising it would take Porsche's holding above 31 percent and trigger the mandatory offer to other VW shareholders.
"Once this mandatory bid has been made, further increases of Porsche's stake in VW would not trigger any renewed obligation to make an offer to the minority shareholders of the Wolfsburg-based carmaker," Porsche said following an extraordinary supervisory board meeting.
Since it did not deem a premium appropriate, it only intends to pay the legal minimum required, expected to be 100.92 euros ($134.6 U.S.) per Volkswagen ordinary share.
"We do not want a majority," a spokesman for Porsche added.
Volkswagen had no immediate comment.
The expected offer is well below VW's closing share price on Friday of 117.70 euros. Speculation has raged for months that Porsche could bid for VW, which has helped send VW shares up by more than a third this year.
The German state of Lower Saxony, which controls roughly 20 percent of VW's votes, will remain a large shareholder in the carmaker together with Porsche, state premier Christian Wulff said.
Porsche said it also planned to set up a holding company that would manage the stakes in Porsche AG and Volkswagen, and that this firm would become a European company, or "Societas Europaea."
Earlier this month, Porsche Chief Executive Wendelin Wiedeking told reporters that firm had no current plans for a VW takeover bid.
We deliver timely, professional China automotive news and commentaries, and authoritative interviews on global purchasers, suppliers, CEOs of consultation firms and aftermarket companies; focus on the industry dynamic news and markets!
Changan Flagship SUV-CS95 is launched today, equipping with 4WD system
Zotye increases capacity of 100,000 units, planning to launch 4 SUV models in the year
2016 Great Wall Motors profits grew over 10bn
Summary: Best-selling passenger automobile models in the Chinese market in February
FAW Toyota Deepen Compact Car Strategy with Aim to Account for 70% of Sales in 2020
Young Man Lotus L3 EV’s debut shows trend of zombie auto companies’ survival in hot alternative energy market
SGMW Passenger Vehicle Project Settled in Qingdao, Capacity Increases by 200,000 Units
Qoros flagship electric coupe to debut next month in Shanghai
Geely Vision SUV is Exposed with 1.4T Engine
Beijing Hyundai's new platform: several generations from the same platform
China Will Establish the Automobile Inspection and Maintenance System to Promote Energy Saving and Emission Reduction
GAC Trumpchi GS3 with an 1.0T engine to rival Haval H2
Domestic TLX Launch, ACURA 3 New Models Out
Beijing Hyundai’s Releases its 2017 Plan, with Many New Models being Launched
GWM WEY Meets Obstacle in Sprinting for High Sales, Haval Lowers Price for Increasing Sales Volume
Summary: Top performing Chinese own brand automobile manufacturers in February
The exposed Chery technological plan involves powertrain and connected vehicles
BAIC Invests 1 billion in Promising Car-sharing Service
JAC New Energy Vehicles February Sales Decreased by nearly 90%
Hot Auto Products|
Auto Products Directory|
Auto Parts Manufacturers|
Copyright Notice © 2016 Gasgoo.com Corporation and its licensors. All rights reserved.