Porsche says buying no VW preferred shares

Newswire

FRANKFURT, March 23 (Reuters) - German sportscar maker Porsche on Friday said it was not buying preferred shares in Volkswagen . "Porsche is buying no preferred shares," a spokesman said. Volkswagen shares rose as much as 7.6 percent earlier on Friday amid market talk that Porsche was buying the preferred shares, dealers said. The rise was driven by a report in Germany's Manager Magazin periodical that Porsche, already VW's biggest shareholder, was increasing its stake, dealers said.

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