The tug-of-war over Porsche intensified on Monday when it rejected a bid from Volkswagen worth up to €4bn ($5.6bn) for half the German sports carmaker, saying the offer had been sent to the wrong address. Porsche said VW’s management last week sent an offer to chairman Wolfgang Porsche, proposing to buy a 49% stake in Porsche’s sportscar business. The company said the bid should have been sent to the executive board instead. It added that Porsche had also rejected the offer as it would have meant the immediate renegotiation of a €10.75bn credit facility.

This entry was posted by Gwen Robinson on Tuesday, June 30th, 2009 at 5:03 and is filed under Capital markets, M&A, People. Tagged with porsche, volkswagen. Edit this entry.