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Porsche says bought small VW stake off bourse

STUTTGART, Germany
Tue Oct 7, 2008 9:57am EDT

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The logo of German carmaker Porsche is pictured at the company's exhibition stand on the last day of the preparation of the 2008 Geneva car show in Geneva March 3, 2008. REUTERS/Arnd Wiegmann

STUTTGART, Germany (Reuters) - Porsche (PSHG_p.DE) bought a small stake in Volkswagen AG (VOWG.DE) in an off-bourse transaction on Tuesday in which it paid far less than peak prices during the session, a Porsche spokesman said.

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Porsche has already said it planned to increase its 35 percent VW stake to a majority by next month. VW shares soared nearly 55 percent at one stage on Tuesday to touch a high of 452 euros and were up 14 percent at 333.33 euros by 1347 GMT.

(Reporting by Hendrik Sackmann)

(michael.shields@thomsonreuters.com, Reuters Messaging: michael.shields.reuters.com@reuters.net; +49 69 7565 1266))
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