Europe’s biggest car maker, Volkswagen, said Friday it will issue almost 65 million new shares at 65 euros (86.67 dollars) apiece to raise fresh capital of 4.2 billion euros.
The operation was approved by VW’s supervisory board on Thursday and is designed to help pay for the group’s takeover of German luxury sports car maker Porsche.
A total of 64.9 million non-voting preference shares are to be offered at a price slightly below that of their close of 66.57 euros on Thursday.
VW said all the new shares were taken during a pre-placement operation ahead of the official subscription period that is to run from 31 March to 13 April.
