UPDATE 1-Porsche to launch low-ball bid for Volkswagen

Newswire

(Adds details, background) FRANKFURT, March 24 (Reuters) - Luxury carmaker Porsche unveiled a takeover offer for Volkswagen on Saturday at 14 percent below Friday's closing stock price. The German maker of high-performance cars also said it does not want majority control of Europe's largest automaker. Porsche said in a statement it intended soon to raise its voting stake in Volkswagen to up to 31 percent from the current 27.3 percent. The larger holding forces it under German law to bid ...

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