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Porsche secures US$13bln loan to buy VW shares
March 25, 2009, Wednesday
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PORSCHE SE said tpday it has secured a 10 billion euro(US$13.5 billion) loan from several banks to help it pay for the shares of Volkswagen AG, to solidify its majority stake in Europe's biggest automaker by sales.
In a statement, Stuttgart-based Porsche Automobil Holding SE said that under the framework of the agreement, it can extend the volume of the amount to 12.5 billion euro.
"In the wake of the extremely difficult global economic environment and the turbulence in the bond market, banks needed additional assessment, thus resulting in a need for extra time," Porsche said.
The credit line is being guaranteed by a consortium of 15 banks including Barclays Capital, Deutsche Bank AG, BNP Paribas, Santander, UBS and Credit Suisse Group.
Porsche has been acquiring Volkswagen shares since 2005 and, as of January, owned nearly 51 percent of Wolfsburg-based VW's shares. Porsche has reiterated several times it hopes to reach 75 percent sometime this year.
Porsche Automobile Holding shares were down 0.5 percent at 38.20 euro in Frankfurt trading while Volkswagen shares were up 2.3 percent at 217 euro.
In a statement, Stuttgart-based Porsche Automobil Holding SE said that under the framework of the agreement, it can extend the volume of the amount to 12.5 billion euro.
"In the wake of the extremely difficult global economic environment and the turbulence in the bond market, banks needed additional assessment, thus resulting in a need for extra time," Porsche said.
The credit line is being guaranteed by a consortium of 15 banks including Barclays Capital, Deutsche Bank AG, BNP Paribas, Santander, UBS and Credit Suisse Group.
Porsche has been acquiring Volkswagen shares since 2005 and, as of January, owned nearly 51 percent of Wolfsburg-based VW's shares. Porsche has reiterated several times it hopes to reach 75 percent sometime this year.
Porsche Automobile Holding shares were down 0.5 percent at 38.20 euro in Frankfurt trading while Volkswagen shares were up 2.3 percent at 217 euro.
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