Frankfurt - Volkswagen AG shares dropped sharply Wednesday after the key shareholder in Europe's biggest carmaker said it was moving to try to stabilize VW's stock, which soared earlier this week.
In a statement, luxury sports carmaker Porsche AG said that, depending on the state of the market, it planned "to settle hedging transactions in the amount of up to 5 per cent of ordinary Volkswagen shares."
"This may result in an increase in the liquidity of the Volkswagen ordinary shares," Porsche said.