For two dramatic days in October sports car maker Porsche was at the centre of an astonishing series of events in which billions of pounds were won and lost.
When Porsche suddenly revealed its creeping takeover of its much larger rival Volkswagen meant it owned or had positions on over 74 per cent of VW shares the price of VW shares rocketed fivefold. It briefly became the most valuable company on the planet. Hedge funds that had bet on VW shares plummeting in the slump took losses of billions of pounds. Meanwhile in the days that followed Porsche made billions from its positions on VW stock - helping it to buy a fifty per cent stake in its rival. Then the recriminations began…
"Pick of The Day "
- The Sunday Times, The Mail on Sunday
January 22, 2008
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