VW shares worth 929 million euros put on sale by Deutsche Bank

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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.

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