Capital increase in arrival in Porsche. The management board and the supervisory board of Porsche Automobil Holding have announced the launch of a subscription from March 30 until April 12, with a value of EUR 5 billion. The carmaker will issue more than 131.25 million shares, 50% of such shares in order and the other half in preferred stock, priced at € 38 per title (-32% on the closing price last Friday) .
Each shareholder will be entitled to subscribe 0.075 new shares for each share already held. A move decided last November that comes in view of the upcoming merger with Volkswagen (who has taken over part of the shares), with the aim of attracting a greater number of shareholders and then to fill in most of its debt, currently estimated around 6.34 billion euro, taking it below the 2 billion euro.
A fundamental condition for the merger. "We are very confident that this offering will be compelling for our shareholders," stated Martin Winterkorn at the group's annual press conference in Stuttgart two weeks ago. 
Each shareholder will be entitled to subscribe 0.075 new shares for each share already held. A move decided last November that comes in view of the upcoming merger with Volkswagen (who has taken over part of the shares), with the aim of attracting a greater number of shareholders and then to fill in most of its debt, currently estimated around 6.34 billion euro, taking it below the 2 billion euro.
A fundamental condition for the merger. "We are very confident that this offering will be compelling for our shareholders," stated Martin Winterkorn at the group's annual press conference in Stuttgart two weeks ago.
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- Porsche to Start 5 Billion-Euro Share Sale to Lower Debt Burden (27/03/2011)
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