FRANKFURT, March 15 (Reuters) - Deutsche Bank is placing 5.8 million Volkswagen preference shares on the market by way of an accelerated bookbuild, the bank said in a statement on Friday.
Deutsche Bank said it was the sole bookrunner for the share sale, which is worth roughly 950 million euros ($1.23 billion) based on the stock’s Thursday closing price of 164.65 euros.
A spokesman for the bank declined to give further information.
Volkswagen shares were indicated 3.4 percent lower at 0722 GMT in trading before markets open, according to Lang & Schwarz brokerage. ($1 = 0.7704 euros) (Reporting By Christiaan Hetzner)