* Places 5.8 mln pref shares on behalf of Waddell & Reed
* Sold at 158 euros per share
* Placing is several times oversubscribed
* 5.8 mln shares equate to 3.4 pct of all pref stock
* VW shares down 3.3 pct, hit lowest in four months (Rewrites first paragraph, writes through)
By Christiaan Hetzner and Edward Taylor
FRANKFURT, March 15 (Reuters) - One of Volkswagen AG’s biggest institutional investors has sold over $1 billion worth of stock in the German carmaker in a placing organised by Deutsche Bank AG.
The shares were sold to over 150 institutional investors in Europe, Asia and the United States in an offering which was several times oversubscribed, a source familiar with the deal said on Friday.
Volkswagen shares were down 3.3 percent at 159.3 euros by 1345 GMT, the biggest decliners in Germany’s blue-chip DAX index , after falling as low as 159.1 euros, their lowest since November.
Deutsche Bank placed the 5.8 million Volkswagen preference shares, worth around 914 million euros ($1.2 billion), on behalf of U.S. institutional asset manager Waddell & Reed at a price of 158 euros per share.
The deal was done via an underwritten accelerated bookbuilding, a process in which an investment bank looks to quickly unload a parcel of shares with little or no pre-marketing.
Volkswagen declined to comment. No-one at Waddell & Reed could immediately be reached for comment.
The VW share sale represents 3.4 percent of the company’s preference shares in circulation, according VW’s website.
According to Thomson Reuters data, Waddell & Reed had been one of the two biggest individual holders of VW preference shares, the other being Gulf-based sovereign wealth fund Qatar Holding LLC which owns 26.36 million.
Waddell & Reed Investment Management had owned 6.85 million shares before Friday’s sale.
$1 = 0.7704 euros Additional reporting by Arno Schuetze, Kirsti Knolle and Jan Schwartz; Editing by Jane Merriman and David Holmes