Volkswagen: towards buyout of Audi minority shareholders
(CercleFinance.com) - Last night Volkswagen made official a proposed cash offer for the shares of Audi's minority shareholders, its upmarket brand.
The automotive giant is by far Audi's majority shareholder, with a stake of over 99.6%.
VW explains that it intends to launch a "cash" offer on the remaining share capital at a price of 1,551.53 euros per share, representing a generous premium of over 50% relative to yesterday's closing price.
An hour into trading on Wednesday, the Audi share was soaring over 52% on the Frankfurt Stock Exchange, now exceeding the offer price, while the Volkswagen share was up just 0.6%.
Volkswagen points out that the resolution still has to be approved by Audi shareholders at the company's next general meeting, which is expected to be held in July or August.
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