Porsche Raises €4.9B In Cash Call

Porsche has launched a €4.9 billion rights issue.

Porsche has launched a €4.9 billion rights issue, Bloomberg reports. The Frankfurt-based luxury German sports carmaker will use the proceeds to cut debt to €1.5 billion, which is a condition for its merger with Volkswagen (VW). A total of 99.7% of the available preferred shares were acquired in the rights offering, while the remainder was sold on the open market. The Porsche and Piech families, who control the common stock, also participated in the issue.

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