Porsche Says Timeframe For Capital Hike Remains Unchanged
24 Février 2011 - 11:11AM
Dow Jones News
Porsche Automobil Holding SE (PAH3.XE) said Thursday that the
plan to raise as much as EUR5 billion through a capital increase by
the end of May remains unaffected by the longer-than-anticipated
investigation by public prosecutors.
"We expect that the resolutions of the annual general meeting
from Nov. 30, 2010, will be implemented within the planned
timeframe by May 31," Porsche spokesman Albrecht Bamler said.
The German sportscar maker plans to issue new shares worth EUR5
billion to cut debt ahead of a planned merger with Volkswagen AG
(VOW.XE), Europe's largest auto maker by sales.
But the prospects of the merger remain uncertain.
Late Wednesday, Porsche announced that the probability of the
merger would decrease if pending legal issues can't be resolved in
time, adding that recent statements by public prosecutors suggest
that investigations of the German sports-car maker's former chief
executive and chief financial officer won't be finalized this
year.
At 0931 GMT, Porsche shares traded down EUR4.96, or 8%, at
EUR56.64, while the DAX bluechip index was down 1%.
-By Christoph Rauwald, Dow Jones Newswires; +49 69 29 725 512;
christoph.rauwald@dowjones.com
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