(Adds share prices, background)
FRANKFURT, April 30 (Reuters) - German sports car maker Porsche launched its obligatory takeover offer forat marginally improved terms on Monday, still aiming for less than a majority stake in VW.
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.
Porsche is now offering 100.92 euros for eachordinary share and 65.54 euros per preference share , according to bid documents published on the Internet, valuing Europe's biggest carmaker at nearly 36 billion euros ($49.01 billion).
The price for the ordinary shares was as envisaged, while Porsche had originally planned to offer 65.45 euros for the preference shares.
German regulators have approved the offer, which runs until May 29.
VW's ordinary shares were up 0.4 percent at 111.95 euros by 0748 GMT, while the preference shares advanced 0.2 percent to 75.01 euros.
Volkswagen declined to comment.
Porsche has said that making a bid now means it would not have to make subsequent mandatory takeover offers should it raise its VW stake in future, thus giving it the flexibility to counter any move on VW by hedge funds or private equity houses.
Porsche and the German state of Lower Saxony, which has around 20 percent of VW, together control more than half the votes in the carmaker.
Porsche has said it wants to defend its close ties with Volkswagen -- which provides content for a third of the vehicles Porsche sells -- in case a German law that limits individuals' voting rights in VW is repealed this year, as expected.