UPDATE 1-EU says Porsche application to buy VW withdrawn

Newswire

(Adds details, background) BRUSSELS, June 28 (Reuters) - German sports car maker Porsche has withdrawn its application for permission from the European Commission to take over car manufacturer Volkswagen , the EU executive said on Thursday. In early June Porsche failed to win significant investor support for its lowball, mandatory takeover bid for its German ally -- and that was how Porsche wanted it. Porsche said at the time that it had won less than 1 percent of the stock, leaving it ...

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