Porsche submits mandatory offer for Volkswagen shares

Dr. Ing. h.c. F. Porsche AG, Stuttgart, Germany, submitted its mandatory offer to acquire shares of Volkswagen AG, Wolfsburg, Germany, on this Monday after the offer documentation was officially approved by the Federal Agency for Financial Services Supervision (BaFin) for publication. The acceptance period is limited to approximately four weeks and ends on May 29, 2007. The price offered to the Volkswagen shareholders amounts to €100.92 per common share and €65.54 per preferred share, which represents the minimum price required by law. Porsche does not consider a premium on the minimum price to be appropriate, as the price of Volkswagen shares has risen significantly since the Stuttgart-based sports car manufacturer took an interest in the company. The mandatory offer, which is not conditional upon attainment of a minimum acceptance level, can be found on and downloaded from the Porsche website at www.porsche.com/germany/aboutporsche/investorrelations/.