Capital increase will bring Porche closer to Volkswagen merger
The debt-ridden German carmaker Porsche is expected this Sunday to approve the details of implementing a US $7.1 billion (5 billion Euro) capital increase, which will likely clear the way for a merger with Volkswagen.
“A syndicate of banks has today undertaken vis-a-vis Porsche SE, under certain conditions, to underwrite all new ordinary and preferred shares to be issued in connection with the implementation of the capital increase,” said a written statement by the carmaker.
The new shares will be issued by the banks at a subscription price of US $0.58 (38 Euros) per share.
The new share offering is necessary to provide the company with enough liquidity to be brought under the umbrella of the Volkswagen group.
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