BERLIN (AP) _ Germany’s financial regulators have approved automaker Porsche AG’s takeover offer for Volkswagen AG, which it was obligated to make after acquiring more than 30 per cent in the company, Porsche said Monday.
But Porsche has said it doesn’t plan to acquire Wolfsburg-based Volkswagen outright.
According to a document on Porsche’s website, it has improved its offer for preferred shares to 65.54 euros (US$89.42) each from 65.45 euros. It is still offering 100.92 euros ($137.69) per ordinary share, which is more than 11 per cent below the current market price.
Stuttgart-based Porsche triggered the mandatory takeover offer by raising its stake in Volkswagen higher than 30 per cent _ a move aimed at shielding the automaker from the possibility of a foreign takeover attempt.
The offer gives the company the chance to purchase Volkswagen shares without making another takeover bid.
A German law that limits Volkswagen shareholder voting rights to a maximum of 20 per cent, no matter how many shares are held, is expected to be ruled unlawful by the European Union. That ruling would have left VW exposed to takeover attempts.
But with Porsche now holding 31 per cent of the company and the German state of Lower Saxony a nearly 20 per cent stake, the car maker is now shielded.
Volkswagen shares fell 0.08 per cent to close at 111.39 euros ($152.13) in Frankfurt trading, while Porsche shares gained 0.73 per cent to 1,233.70 euros ($1,684.93).
Volkswagen sells three million cars
New VW Golf Estate available in UK
Today marks the official launch date of the third generation Golf Estate. Customers, who have been ordering the car since the start of June this year, will now be able to drive their new cars away from Volkswagen Retailers across the UK.
This latest generation of Golf Estate brings versatility and load-carrying ability to the Golf range. Loadspace is 505 litres with the seats in place, rising to a maximum of 1,550 litres when the rear seats are folded flat into the boot floor. A wide tailgate and low loading lip boost practicality while a chrome grille section similar to the face on the Eos gives the new car an imposing and stylish appearance.
Three trim levels S, SE and Sportline and three engines a 1.6-litre 102 PS petrol and 1.9-litre 105 PS and 2.0-litre 140 PS TDI units are available. Prices start at 14,347 RRP OTR for the entry-level S 1.6-litre and rise to 20,417 for the 2.0-litre TDI 140 PS with DSG and DPF (diesel particulate filter).
Helping drivers to get on the road, Volkswagen Finance the financial services arm of the Volkswagen Group can offer a range of finance and insurance products including its flexible personal contract plan, Solutions. The combination of brand values and inherent quality along with the flexibility of Solutions could ensure that a customer gets more Volkswagen for their motoring budget.
A worked Solutions example for the Golf Estate is shown below. For full details and further worked examples, please contact your Volkswagen Retailer. If you are looking for vw aufkleber, check out here.