Monday, August 17, 2009

Volkswagen to Raise $5.7billion for Porsche Acquistion

Volkswagen said that it would work to raise approximately $5.7 billion to acquire a stake in Porsche. Volkswagen is currently planning to acquire a 42% stake in Porsche's sports car division. Porsche said on Friday that Qatar Holding LLC will acquire 10% of the Porsche holding company's shares. This move would thus free up more than €1 billion for Porsche. Porsche has already noted that it has decided to write down the value of its options structure so as to prepare for the sale.

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