Porsche AG on Thursday said it had bought 32,868,462 Volkswagen AG common shares, for a 10.26% stake.
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Earlier this week, the sports car specialist said it would acquire a VW stake of about 20%.
“Porsche intends to gain representation on the VW supervisory board in line with the planned level of participation,” it said in a statement on Thursday.
Press reports said Porsche wouldn’t reveal how it acquired the shares and had not bought any of the 13% VW owns in the sports car maker.
There is speculation that hedge funds or other recent short-term investors have sold out, or that one or more of the big strategic US shareholders has sold part of its shareholding.
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By GlobalDataIndustry observers will now be eyeing how Porsche builds its holding to 20%, financial commentators noted.
