Debt-laden German carmaker Porsche (PSHG_p.DE) is set to approve this Sunday details of implementing a 5 billion euro ($7.1 billion) capital increase, clearing the way for a merger with Volkswagen AG (VOWG_p.DE).
"The executive board and the supervisory board of Porsche SE have not yet resolved on the subscription price and the details of the implementation of the capital increase. Such decision is planned for Sunday, 27 March 2011," it said in a written statement late on Friday.
"A syndicate of banks has today undertaken vis-a-vis Porsche SE, under certain conditions, to underwrite all new ordinary and preferred shares to be issued in connection with the implementation of the capital increase ...," it said.
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