VW shares worth 929 million euros put on sale by Deutsche Bank
BERLIN (Bloomberg) -- Deutsche Bank AG put on sale a block of about 5.8 million Volkswagen AG preferred shares for as much as 929 million euros ($1.21 billion) in an accelerated bookbuilding.
Deutsche Bank is offering the shares in a range of 156.25 euros to 160.25 euros, according to the terms of the deal. A sale at 160.25 euros per share would be a discount of 2.7 percent off yesterday's closing price.
The stock will be offered to institutional investors with Deutsche Bank as the sole bookrunner, the bank said today in an e-mailed statement. It didn't name the seller.
VW fell to almost a four-month low yesterday after CEO Martin Winterkorn said the automaker is confronting "tougher competition and difficult economic conditions."
The Wolfsburg-based carmaker forecast steady profit this year. The shares have gained 16 percent in the last year.Contact Automotive News