They also sell cars! Honest!

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Porsche has made a whopping $8.7 billion by selling VW options; but may have to give up ownership bid

If you had begun to expect anything but good news from the auto sector in these times, Volkswagen's (VW) share price phenomenon late last month must have been quite a revelation. In fact, the auto maker became the world’s largest company by m-cap for a while on October 28; when its share price touched a peak of €1,005 (closed at €210.85 on October 26), which immediately raised panic in European markets that hedge funds and other traders could collapse after betting on a fall in the stock (though the price dropped back to close at €517 a day later).

That was the news; now for the fine print. Porsche, which earlier showed interest in acquiring VW twice, officially holds 42.6% in VW. But after Porsche announced that it has acquired an additional 31.5% in the company via cash-settled options, investors realised that after combining Porsche’s and state of Lower Saxony's holding (20.1%), there’s only 5% equity left in the market to close or to reverse their bets that VW’s share price will fall. The market is rife with allegations of Porsche misusing loopholes in German laws.

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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).


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