Volkswagen gets $8.8 bln by selling preferred Porsche shares
BERLIN, Oct 11 (Reuters) - Volkswagen (VOWG_p.DE) raked in 9.1 billion euros ($8.8 billion) via the sale of preferred shares in sportscar brand Porsche (P911_p.DE), less than the maximum because a greenshoe option was only partially exercised, it said on Tuesday.
That puts the free-float of Porsche's preferred shares at 24.2%, the carmaker said. Volkswagen would have received 9.4 billion euros in case of a fully drawn greenshoe option, it said last month.
Stabilization manager Bank of America gave notice to Volkswagen to partially exercise the greenshoe option in the amount of 11,059,061 non-voting preferred shares of Porsche, Volkswagen said.
Total proceeds for Volkswagen, which include the sale of 25% plus one ordinary share of Porsche AG to Porsche SE (PSHG_p.DE), therefore stand at 19.2 billion euros.
Volkswagen listed Porsche on the Frankfurt stock exchange last month in what has been Germany's second-largest listing on record. Since the listing, Porsche shares have gained 5.8%, giving it a market valuation of 79.5 billion euros, more than the 74.5 billion for parent Volkswagen.
($1 = 1.0311 euros)
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