We thought that once Porsche bought controlling interest of VW then it controlled the VW auto maker Audi as well. (Volkswagen owns Audi.)
Apparently that is not the case. So Porsche has made a mandatory offer to buy Audi.
The luxury automaker said that it does not intend to remove Audi from the Volkswagen Group. So it is offering simply the legal minimum price of 485.83 euros (little over $680) for each share of Audi. This is said to be valued at about 180 million euros, or over $253 million.
Porsche’s offer concerns only 0.86 percent of Audi.
Our take? VW said that it will not accept Porsche’s offer. Sigh. More drama on the way....