BERLIN – Volkswagen Group received 9.1 billion euros ($8.8 billion) via the sale of preferred shares in sports-car brand Porsche, less than the maximum because a greenshoe option was only partially exercised, the automaker said.
That puts the free float of Porsche’s preferred shares at 24.2 percent, VW said.
VW would have received 9.4 billion euros ($9.1 billion) in case of a fully drawn greenshoe option, the automaker said last month.
Stabilization manager Bank of America gave notice to VW to partially exercise the greenshoe option in the amount of 11,059,061 non-voting preferred shares of Porsche, VW said.
Total proceeds for VW, which include the sale of 25 percent plus one ordinary share of Porsche AG to Porsche SE, therefore stand at 19.2 billion euros.
VW listed Porsche on the Frankfurt stock exchange last month in what has been Germany’s second-largest flotation on record.
Since the IPO, Porsche shares have gained 5.8 percent, giving it a market valuation of 79.5 billion euros, more than the 74.5 billion for parent VW.