Volkswagen AG more than doubled in Frankfurt trading as Porsche SE’s plan to achieve a 75 percent stake in the carmaker prompted short-sellers to purchase from a shrinking pool of stock to close their positions.
Volkswagen jumped 309.15 euros, or 147 percent, to 520 euros. The stock has more than tripled this year, valuing the Wolfsburg, Germany-based company at 145 billion euros ($181.9 billion). Investors including hedge funds may hold 8.67 billion euros in borrowed stock that they must buy and return, according to Bloomberg calculations based on estimates by London-based research firm Data Explorers.
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