BERLIN (AP) - Germany's financial regulators have approved automaker Porsche AG's required takeover offer for Volkswagen AG, which it was obligated to make after acquiring more than 30 percent in the company, Porsche said Monday.
Porsche has said it doesn't plan to acquire Wolfsburg-based Volkswagen outright.
According to a document on Porsche's Web site, it has improved its offer for preferred shares to $89.42 each. It is still offering $137.69 per ordinary share, which is more than 11 percent below the current market price.
Stuttgart-based Porsche triggered the mandatory takeover offer by raising its stake in Volkswagen to higher than 30 percent, a move aimed at shielding the automaker from the possibility of a foreign takeover attempt.
The offer gives the company the chance to purchase Volkswagen shares without making another takeover bid.