Car manufacturer vs hedge funds

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Car manufacturer vs hedge funds

By Mark Pack | Wed 29th October 2008 - 10:51 am

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From today’s Independent:

The sports car giant Porsche has pulled off one of the greatest share killings of all time in a coup that has left some of the world’s largest hedge funds nursing combined losses that could total $20bn (£12.6bn).

The vast sum was won and lost in bets on the share price of Volkswagen. While Porsche has been building a secret 74 per cent stake in its rival, the hedge funds have been betting that the shares will fall. The shares soared by 400 per cent in two days, leaving Porsche with a huge profit and the hedge funds – some of which are based in London – with losses that could drive them into bankruptcy.

City traders were stunned by the audacity of Porsche’s move, although there is no suggestion that it broke German law or trading regulations.

Read more by Mark Pack .
This entry was posted in News.

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