Volkswagen gets $8.8 billion by selling preferred Porsche shares
Reuters
Published Oct 11, 2022 08:04
Updated Oct 11, 2022 08:26
BERLIN (Reuters) -Volkswagen raked in 9.1 billion euros ($8.8 billion) via the sale of preferred shares in sportscar brand Porsche, less than the maximum because a greenshoe option was only partially exercised, it said on Tuesday.
That puts the free-float of Porsche's preferred shares at 24.2%, the carmaker said. Volkswagen (ETR:VOWG_p) would have received 9.4 billion euros in case of a fully drawn greenshoe option, it said last month.
Stabilization manager Bank of America (NYSE:BAC) gave notice to Volkswagen to partially exercise the greenshoe option in the amount of 11,059,061 non-voting preferred shares of Porsche, Volkswagen said.
Total proceeds for Volkswagen, which include the sale of 25% plus one ordinary share of Porsche AG (F:P911_p) to Porsche SE, therefore stand at 19.2 billion euros.
Volkswagen listed Porsche on the Frankfurt stock exchange last month in what has been Germany's second-largest listing on record. Since the listing, Porsche shares have gained 5.8%, giving it a market valuation of 79.5 billion euros, more than the 74.5 billion for parent Volkswagen.
($1 = 1.0311 euros)
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Written By: Reuters
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