Porsche shares skid

May 8, 2009, Friday |

Print Edition

SHARES of auto maker Porsche SE slid nearly 16 percent yesterday in the wake of the company's announcement that it plans to form an integrated car company with Volkswagen AG, the latest instance of consolidation in the recession-hit industry.

Shares of Stuttgart-based Porsche plunged 15.7 percent to 47.99 euros (US$63.93) in Frankfurt as investors pored over the announcement late Wednesday. Porsche is already the biggest shareholder in the Wolfsburg-based maker of VW, Bentley and Bugatti with 51 percent.

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Porsche shares skid

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