UPDATE 1-Porsche launches lowball VW bid

Newswire

(Adds background) FRANKFURT, April 30 (Reuters) - German sports car maker Porsche launched its lowball takeover offer for Volkswagen on Monday, offering less than current market prices in expectation of not getting a majority stake. Porsche, which is 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 has made clear it is not striving for majority control at this stage. German ...

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