Xoutpost.com - Porsche increases stake in VW

http://nydailynews.com/money/2007/03...vw_shares.html

Porsche is driven to buy more VW shares

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Thursday, March 29th 2007, 4:00 AM

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Porsche could be parking Volkswagens in its garage soon.

The automaker completed its acquisition of more VW shares and now owns nearly a third of the company. That triggered a formal takeover offer under German law to VW shareholders.

Porsche had said over the weekend it would acquire another 3.6% stake in a move aimed at shielding Europe's biggest auto-maker from hostile takeovers.

Porsche said a buyout was not its intent. Consequently, it offered only the legal minimum $134.70 per Volkswagen share as it had previously announced - well below the $148.14 that the shares brought in stock trading.