Saturday 23 September 2017

Ex-chairman of Volkswagen to sell part of stake

Former Volkswagen chairman Ferdinand Piech
Former Volkswagen chairman Ferdinand Piech

Hannah Benjamin

Former Volkswagen chairman Ferdinand Piech has agreed to sell a major part of his stake in the firm that controls Europe's biggest carmaker, paring his ties with Volkswagen after more than two decades of undisputed rule.

Volkswagen's (VW) ruling Porsche and Piech families have agreed to buy part of the 14.7pc stake Piech holds in Porsche Automobil Holding SE, which in turn owns 52.2pc of voting shares in VW, exercising their right of first refusal on Porsche SE shares, according to a Porsche SE statement published on Monday.

It did not say exactly how much of the stake the families would buy.

Volkswagen's much-anticipated bond market return and a €2bn two-part sale from BMW helped BNP Paribas strengthen its lead at the top of Europe's league table for issuance of investment-grade corporate bonds in the first quarter.

The Paris-based lender helped arrange €10.63bn of issuance in the three months to the end of March, grabbing a 9.67pc share of the market, according to data compiled by Bloomberg.

Deutsche Bank followed with €8.5bn, or a 7.74pc share, while Barclays took third spot with a 7.26pc slice of the market after arranging 7.98bn of issuance.

Overall volume has surged 26pc to €110.09bn from €87.3bn in the same period of 2016, when issuance was hampered by a raft of global risk events including a commodities rout and stocks sell-off in China.

It was revealed last month that BNP Paribas plans to cut investment banking staff by the end of 2018. (Reuters)

Irish Independent

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