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Volkswagen Rejects Porsche Takeover Bid

Volkswagen shareholders have turned down a takeover bid from Porsche, with just 0.06% of common stock and also 0.06% of preference shares tendered to the offer, Porsche said.

The cash offer, which expired May 29, was pitched at 100.92 euros ($135.23) per common share and 65.54 euros ($87.82) per preferred share. Porsche has been obliged to make the offer after passing the 30% ownership threshold in VW stock.

At the close of the offer, Porsche held 30.97% of VW's common shares and 22.69% of preference shares.