Shares in Volkswagen dropped – 4.8% making them the sharpest decliners among German large cap stocks – following a Financial Times Deutschland report which said the carmaker might launch a EUR4bn(US$5.68bn) capital increase, although many analysts and traders were sceptical.
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UniCredit said, given VW’s significant cash-pile and the rumoured low EUR8bn (US$11.3bn) purchase price for the Porsche AG business, was unlikely VW would put pressure on its current two major shareholders, Porsche SE and Lower Saxony, to keep their shareholding above the threshold of 50% and 20% respectively through a capital increase.”
