UPDATE 2-Sale of VW hedges leads to Porsche loss


* To post fiscal 2008/09 pretax loss of up to 5 bln eur * Sale of VW hedges to free up over 1 bln eur cash * Disposal would lead to substantial non-cash writedown * Analysts say transaction lowers risks * Porsche shares gain 0.8 pct (Adds details, background) By Christiaan Hetzner and Edward Taylor FRANKFURT, July 29 (Reuters) - Heavily indebted Porsche SE expects an annual pretax loss of up to 5 billion euros ($7.1 billion) due to substantial writedowns on the value of its ...

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