Volkswagen Shares Jump on Stake Rumor
Volkswagen Shares Jump for Second Day on Rumor That Investor Building Stake in Automaker
Shares in Volkswagen AG soared for a second day on Thursday amid speculation that a large investor was building up a stake in the German automaker.
Volkswagen shares closed up 4.2 percent at euro50.12 (US$61.18) on the Frankfurt stock exchange, their highest level in at least three years, adding to gains the day before.
Albrecht Denninghoff, an analyst at HVB bank in Munich, said the increase was powered by talk that U.S. billionaire Kirk Kerkorian or an unidentified Arabian investor was buying the stock.
"There are rumors that a big investor is moving in," Denninghoff said.
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