Porsche said Wednesday it is taking steps to smooth over volatility that saw Volkswagen shares soar more than four times in value in recent days, by selling up to 5 percent of its own stock in the automaker. "Porsche SE intends -- depending on the state of the market -- to settle hedging transactions in the amount of up to 5 percent of the Volkswagen ordinary shares," the Stuttgart-based maker of the 911 said. "This may result in an increase in the liquidity of the Volkswagen ordinary shares."
Volkswagen AG shares jumped an eye-popping 82 percent on Tuesday after a similar surge Monday.
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