Date: Mon, 4 Jun 2007 12:19:55 +0200
Porsche finishes mandatory offer
Stuttgart. The acceptance period for the mandatory offer made by Dr. Ing.
h.c. F. Porsche AG, Stuttgart, Germany, to the shareholders of Volkswagen
AG, Wolfsburg, Germany, expired on Tuesday, May 29. 172,218 ordinary shares
and 68,262 preference shares (well under one percent of all VW shares)
were tendered for sale to Porsche. Porsche's stake in Volkswagen exceeded
the 30 percent threshold on March 28, 2007, thus triggering the mandatory
offer, as required by law. "Given that the current stock exchange price is
higher than the offer price, the result was as expected. With the increase
of our stake to over 30 percent, we have already achieved our objective of
further strengthening our traditionally close relationship with Volkswagen.
Along with our planned corporate restructuring, this gives Porsche an
excellent position for the future," said Dr. Wendelin Wiedeking, Chief
Executive Officer of Porsche. Porsche plans to finance the acquisition of
the tendered Volkswagen shares from its existing cash resources.
The completion of the mandatory offer is, amongst others, subject to
approval by the relevant antitrust authorities and is not expected to occur
prior to the end of June. As a next step, Porsche will seek the approval of
its shareholders for the already announced corporate restructuring. This
includes a hive-down of Porsche AG's operational business into a
wholly-owned subsidiary and converting Porsche, which by then will be
operating as a holding company, into a European corporation, "Societas
Europaea (SE)". In this context, Porsche's Managing Board has invited all
shareholders to an Extraordinary General Meeting on June 26, 2007, in the
Porsche Arena in Stuttgart.
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