Porsche completes mandatory offer for 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.