Porsche launches five billion euros capital increase

FRANKFURT: German luxury car maker Porsche said late Sunday that it would issue a total of 131 million ordinary and preferred shares for 38 euros ($53.2) per share.

The total of almost five billion euros corresponds to the amount of the capital increase Porsche had already announced for this year.

Current Porsche shareholders will be be able to buy 0.75 new shares of the same class for each share they hold at present, a statement said.

Porsche is working to cut debt of 6.34 billion euros so it can be integrated into the Volkswagen group.