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Sept. 28, 2015, 1:43 p.m. EDT

Porsche has lost over $10 billion on Volkswagen's stock, but still wants more

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By Tomi Kilgore

Porsche Automobil Holding SE /zigman2/quotes/202769371/delayed XE:PAH3 -1.11% /zigman2/quotes/208338327/composite POAHY -0.64% has lost over $10 billion on its investment in Volkswagen AG in a little over a week, but that hasn't kept Porsche from buying even more of the troubled German car maker's stock. As of July 31, Porsche Automobil owned about 149.7 million Volkswagen ordinary shares /zigman2/quotes/206919008/delayed XE:VOW -0.79% , or a 51% stake, according to FactSet. With those shares tumbling 60.30 euro, or 36%, since the news of the emissions scandal broke, the value of Porsche's Volkswagen stake has declined by 9.03 billion euro, or the equivalent of $10.15 billion /zigman2/quotes/210561242/realtime/sampled EURUSD -0.6520% at current exchange rates. But that loss didn't stop Porsche from buying more, as the company said over the weekend that it was buying the 1.5% stake in Volkswagen, or 4.4 million ordinary shares, owned by Suzuki Motor Corp. /zigman2/quotes/201794956/delayed JP:7269 -0.05% , at an undisclosed price. "Porsche SE considers the purchase of 4.397 million ordinary shares as a strong commitment to its core investment and emphasizes its role as an anchor shareholder in the Wolfsburg-based car maker," Porsche said in a statement on its website. Porsche Automobil manages the assets held by the Porsche and Piech families, which are descendants of Ferdinand Porsche, who invented the Volkswagen Beetle. Porsche Automobil's U.S.-listed shares were down 6.4% in afternoon trade, and have tumbled 40% since news of the Volkswagen emission scandal broke.

/zigman2/quotes/202769371/delayed
XE : Germany: Xetra
71.04
-0.80 -1.11%
Volume: 116,772
May 25, 2022 12:58p
P/E Ratio
N/A
Dividend Yield
3.60%
Market Cap
€22.36 billion
Rev. per Employee
N/A
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/zigman2/quotes/208338327/composite
US : U.S.: OTC
$ 7.71
-0.05 -0.64%
Volume: 362,830
May 24, 2022 3:59p
P/E Ratio
N/A
Dividend Yield
4.45%
Market Cap
$23.85 billion
Rev. per Employee
N/A
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/zigman2/quotes/206919008/delayed
XE : Germany: Xetra
182.00
-1.45 -0.79%
Volume: 22,756
May 25, 2022 12:57p
P/E Ratio
5.03
Dividend Yield
4.12%
Market Cap
€86.30 billion
Rev. per Employee
€372,430
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/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.0666
-0.0070 -0.6520%
Volume: 0.0000
May 25, 2022 7:13a
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/zigman2/quotes/201794956/delayed
JP : Japan: Tokyo
¥ 3,705.00
-2.00 -0.05%
Volume: 1.39M
May 25, 2022 3:00p
P/E Ratio
11.22
Dividend Yield
2.46%
Market Cap
¥1833.23 billion
Rev. per Employee
¥51.91M
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