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.
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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.
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Price Action: VWAGY shares closed lower by 3.46% at $15.90 on Monday.
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