By Richard Milne in Stuttgart
Tuesday, March 27, 2007
 
Shares in Volkswagen slipped by up to 5 per cent yesterday as speculative investors in Europe's largest carmaker realised that Porsche's low-ball �5bn takeover offer was the only one they were likely to receive.

Investors and analysts said months of speculation had driven VW's shares to record levels, but Porsche's offer had now established a floor for the stock.

But enough long-term shareholders were persuaded either of VW's potential or of the chances for a higher bid from Porsche that few seemed ready to accept the offer set in motion yesterday.
 
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