German sports car maker Porsche exercised an option on 3.6% of stock in German car maker Volkswagen. Because this puts their ownership in VW over 30%, German law required Porsche to make a takeover offer to other VW shareholders, so they did: €101 per share, which is the average price of VW stock over the last three months and therefore the minimum bid they were allowed to make. Because the current VW share price is €114, Porsche knew that the shareholders would not accept the offer. Porsche recently led the campaign that resulted in a European court of justice ruling against Germany's "VW law," which guarantees the German government a certain amount of control over the company. The court ruled that the law breached EU laws on the free flow of capital.