AIMA

The Alternative Investment Management Association

Alternative Investment Management Association Representing the global hedge fund industry

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VW / Porsche

On 26th October 2008, Porsche publicly announced that it had hedged its acquisition of nearly 75% of VW’s shares via cash settled options. The market had previously only been aware of Porsche holding a 50% position. The announcement resulted in a significant increase of the VW share price (to the extent that, temporarily, VW shares were worth half the market value of the entire DAX) while Porsche’s share price nearly doubled (from approximately 40 to 70 euros).

We are aware that some AIMA members have a continuing involvement in this matter and that they will be awaiting BaFin’s analysis of the situation in terms of possible market abuse.

If you are an affected member and might be interested in joining a collaborative effort to explore what options might be open to you, please contact Matthew Jones (mjones@aima.org) by close of business on Friday 20th March.

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