VW To Issue $15B In New Shares

Law360, New York (October 16, 2009, 6:51 PM EDT) -- Volkswagen AG has announced plans to issue up to 135 million new nonvoting preferred shares to aid its purchase of Porsche AG’s sports car business.

Europe’s largest automaker on Friday invited its ordinary and preferred shareholders to attend an “extraordinary general meeting” in Hamburg on Dec. 3 to hear its proposal to adopt a resolution authorizing the issue of new preferred shares.

The offering could be worth as much as $14.6 billion, based on the preferred stock’s closing price on Friday.

The sale would allow the...
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