YOUR RESEARCHPorsche files with EU to take over VW
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1 matching discussions · 5 captured posts examined · 0 partial discussions
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Porsche files with EU to take over VW Reuters BRUSSELS (Reuters)-- Porsche has asked the European Commission for permission to take over Volkswagen, a filing with the Commission showed today. The Commission has until July 2 to consider whether the deal should win competition approval or requires further investigation.
They're legally required to make a bid. They made the minimum one allowed so that it won't be accepted.
Not sure what you mean. Who is legally required to make a bid and why? If they bid why would they want the bid rejected?
German law states that when a company accumlates over 30% share of another company, then they must make a bid to buy majority control. Porsche is compelled to make the bid, but does not wish it to be accepted. The security of the company is their main concern and I believe that they and province of Lower Saxony (the other major shareholder) are in accord on their desire to maintain the independence of the company.
Thanks - now it makes sense.
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