Qatar Holding LLC, part of the country’s sovereign wealth fund, plans to sell as much as 25 million of its preferred shares in Volkswagen AG, or about half its total stake in the carmaker.
The fund still plans to increase its holdings in the Wolfsburg, Germany-based automaker’s common shares to 17 percent, according to an e-mailed statement. Units of Credit Suisse Group AG and Goldman, Sachs & Co. will act as joint bookrunners in the sale of preferred shares.
Qatar Holding’s decision comes after the shares increased 88 percent this year to 71.50 euros ($107.28) a share. The move also comes as Volkswagen attempts to sell as many as 135 million non-voting preferred shares to help pay for a stake in Porsche Automobil Holding SE.
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