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Europe"s largest car-maker, German "Volkswagen" AG, will suggest the issue of a maximum of an additional 135 million non-voting preferred shares, in order to help finance the merger with "Porsche" AG.
"Volkswagen" said that the plan to issue new stock will be submitted for approval during a General Extraordinary Meeting of Shareholders, which will take place in Hamburg, on December 3rd.
"Volkswagen" would like to issue the shares by December 2nd, 2014, with the capital hike scheduled for H1 2010. "This will allow the
In August, "Porsche" SE announced it would sell a 42% stake in "Porsche" AG to "Volkswagen", in exchange for 3.3 billion Euros, with the transaction being part of a multi-stage global agreement, aimed at merging the two companies by 2011. "Volkswagen" said that it needs at least 4 billion Euros in order to finance this acquisition.
In April, holders of "Volkswagen" preferred stock rejected the issue of 151 million new shares. Holders of common stock however, voted in favor o f the plan.
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