Volkswagen Receives $8.8B Via Selling Preferred Porsche Shares: Report

  • Volkswagen AG VWAGY has received €9.1 billion ($8.8 billion) through the sale of preferred shares in sportscar maker Porsche automobile Holding SE POAHY.
  • The amount collected was less than the maximum due to the partial execution of a greenshoe option, Reuters reported.
  • In the case of a fully drawn greenshoe option, Volkswagen would have received €9.4 billion in total.
  • Also ReadPorsche Beats Parent Volkswagen To Become Europe's Most Valuable Carmaker All In A Week Of Its Trading Debut
  • Total proceeds for Volkswagen, which include the sale of 25% plus one ordinary share of Porsche AG to Porsche SE, stands at €19.2 billion, the report added.
  • Volkswagen listed Porsche on the Frankfurt stock exchange last month.
  • Also ReadVolkswagen Plans To Invest €1B In China JV
  • Price Action: VWAGY shares closed lower by 3.46% at $15.90 on Monday.
  • Photo Via Company
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