Volkswagen is launching the largest capital increase in years. Source: Reuters
HB FRANKFURT. Volkswagen is always good for a surprise. While the car company had announced some time ago to try to collect a multi-billion dollar capital money. However, the details released today, worried the planned capital increase for a strong reaction in the stock market. , Which is listed in the DAX VW preferred shares fell by six percent and slipped to 68.50 euros.
It was no secret that VW needs a few billion. Of which is well known, the gradual adoption of the sports car maker Porsche to finance. Why did the stock market today reacted so upset? Because the company had indicated two weeks ago, in addition to the issuance of new convertible preference shares would also moved into calculus. It did not overwhelm the absorption capacity of the capital market, it was said. The stock was then soared into the air – up to 72 euro -. With the addition of the convertible bond holders of the preferred stock would spare anything.
Also, Merck Finck analyst Robert Heberger had praised this version of the capital. His account of that time: "If, for example, the divided capital of three billion new shares and one billion as a loan, only about 45 to 50 million new preferred shares coming on the market." Because of the low-defaulting issuing new preference shares Heberger had also increased its profit estimate. But the equation may not go on.
For VW actually intends to offer up to 65 million new, non-voting preferred shares to the man. Overall, it should come in more than four billion euros. With the implementation of the banks are JP Morgan, Merrill Lynch, Citi, German Bank and HSBC have been mandated, "said a person with knowledge of the operation. The procedure for the capital increase is similar to that which has been used in Continental and Heidelberg Cement.
"It is surprising that the capital VW not combined with a convertible, "said analyst Marc-Rene Tonn of Bankhaus MM Warburg. The volume of capital falls by step, higher than expected, according to the stand Stock price under pressure. Also Juergen Pieper of Metzler Bank said: "We had a Combination of capital increase and convertible bonds expected. "
The shares will be placed with investors as early as Tuesday. According to the book-building process depends then the price at which the current shareholders of 31 March to the 13th Can exercise April their rights. Volkswagen announced the price for the new paper and the ratio should on 26 March will be decided.
The VW’s major shareholders Porsche, Lower Saxony and Qatar, losing in a first step on their options and they come from the banks. Financial circles, however, insisted that Qatar has the right to still participate in the recapitalization.
For a convertible VW only would need the approval of the shareholders’ meeting. The issue of new preferred stock has already been sanctioned, however. Last December, the VW shareholders had the board on a Special general meeting gave the green light for the capital increase. A supply Decision provided before that up to 135 million new VW preference shares can be issued. This would represent a Volume of up to eight billion euros match. Small shareholders have criticized the Capital through preference shares protect the common shareholders. Only they have the right to vote on the Annual General Meeting.
There is speculation that Volkswagen could use the fresh money also to a long-standing sought to forge truck alliance with MAN and Scania under the umbrella of the Volkswagen Group. In Industry is certain that VW’s 30-percent planning to increase stake in MAN to take control of to get to Munich. Swedish Scania truck Bauer VW had already accepted.
Porsche is also planning a capital increase to the high debt under control get. The first half of 2011 for the proposed measure is more than five billion euros . include
Porsche had overextended himself financially in the proposed takeover of VW and Debt of 11.4 billion euros accumulated. Stuttgart at the end of January stood still with their funders 6.1 billion euros in debt. Above all, the sale of almost half of the auto business to VW’s liabilities had reduced.