Largely overlooked in the Detroit Big Three death watch/three-ring circus has been one of the most incredible examples of clever stock trading in modern history. And it happened at a car company.
Last month, Porsche surprised the world by announcing it had acquired a nearly 43% stake in Volkswagen with an option to buy 32% more. Without anybody noticing, wee little Porsche, maker of scarcely 100,000 cars a year, had cornered a 75% position in VW, which cranks out nearly 6 million vehicles.
Porsche's acquisition of the VW stake isn't about the money. Apparently it's about saving Porsche. "Our VW strategy is part of protecting Porsche," Berning said. "It is our guarantee that Porsche will remain Porsche."
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