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FRANKFURT, June 4 (Reuters) - German sports car maker Porsche's PSHG_p.DE mandatory takeover offer for Volkswagen VOWG.DE garnered only a handful of shares by the tender deadline of 2200 GMT on Tuesday, Porsche said on Monday.
Porsche’s lowball bid got only 0.06 percent of Volkswagen’s capital), leaving Porsche with a voting stake of 30.97 percent.
Porsche, which was already the largest shareholder in VW, was required to bid for Europe’s biggest carmaker after Porsche’s voting stake exceeded 30 percent in March. But it made clear it was not striving for majority control at this stage.
Porsche offered 100.92 euros for each Volkswagen ordinary share and 65.54 euros per preference share VOWG_p.DE, valuing the carmaker at nearly 36 billion euros.
VW’s ordinary shares fell 1 percent to 112.81 euros by 0704 GMT, while the preference shares fell 1.2 percent to 73.00 euros.
Porsche has said that making a bid now meant it would not have to make subsequent mandatory takeover offers should it raise its VW stake in future, thus giving it the flexibility to counter any move on VW by hedge funds or private equity houses.
Porsche and the German state of Lower Saxony, which has just over 20 percent of VW, together control more than half the votes in the carmaker.
Porsche has said it wants to defend its close ties with Volkswagen -- which provides content for a third of the vehicles Porsche sells -- in case a German law that limits individuals’ voting rights in VW is repealed this year, as is expected.
((Reporting by Jonathan Gould and Michael Shields, editing by Quentin Bryar; Reuters Messaging: firstname.lastname@example.org; +49 69 7565 1242)) Keywords: PORSCHE VOLKSWAGEN/
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