Porsche is attempting to lure investors to its €5bn ($7bn) capital increase with a discount of more than 30 per cent after banks agreed to guarantee the planned share placement.
The German sports car maker said at the weekend that a syndicate of banks had offered to underwrite the new shares at a price of €38 a share. The discount to last week’s closing price of €56 reflected continuing uncertainties over a planned merger with Volkswagen, as well as market jitters in the wake of the crises in Japan and the Middle East, industry insiders said.
Porsche said on Sunday night it was waiting for its supervisory and executive boards to approve the subscription price and the details of the rights issue plan.
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