UPDATE 2-Porsche takes control of VW, lowball offer looms

Newswire

(Adds background, analyst, updates share prices) By Michael Shields FRANKFURT, March 28 (Reuters) - German sports car maker Porsche took control of Volkswagen on Wednesday by increasing its voting stake in Europe's biggest carmaker to 30.94 percent as planned, Porsche said. By exceeding the 30 percent level, Porsche must, by German law, make a full takeover bid for VW. It reiterated it plans to offer the legal minimum for VW ordinary and preference shares, valuing VW at around 35.85 ...

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