Porsche - VW takeover

[Porsche virgin]

According to Automotive News (6/1), Porsche has filed with the EU to takeover VW. I have no info about a price, but according to the two-line article, the EU has until 7/2 to "consider whether the deal should win competition [sic] approval or requires further investigation."

[svandamme]

that's old news, by german law they had to make an offer after they crossed a certain percentage of ownership of VW, and they did make that offer, well below market price, and it bummed out as expected

[Porsche virgin]

This appears to be new news. They made a bid back in early May, offering about 10 euros less than VW's then stock price. That bid was, obviously, rejected. That offer expired on 5/29.

http://news.yahoo.com/s/afp/20070511/bs_afp/germanyautocompany

[bigchillcar]

new news to me..

[Porsche virgin]

Originally posted by Wayne at Pelican Parts
Nope, old news. The formal rejection is required under some weird German law...

-Wayne

There has to be a formal rejection by the European Commission?!? Those wacky Germans.

[svandamme]

Originally posted by Porsche virgin
There has to be a formal rejection by the European Commission?!? Those wacky Germans.

no

but you can't do a takeover bid without filing a request for approval in terms of monopoly prevention

they did the bid, had to file the approval request
had the bid bum out as they wanted, and the request was approved anyway which was just a formality

[bigchillcar]

europeans don't play 'monopoly'?? i always liked the 'get out of jail free' card...

[songhoh]

Still, I like it. Porsche stock closed at 1796.74 on June 1st, 2007. That's almost double the 52 week low. As a shareholder, this is great news. This is old news to some, and new news to some. But wait until you see what's next. Our symbol is PSEPF. Now, if only we can get that 17th overall Le Mans win.