Volkswagen AG, Europe's largest carmaker, raised about 4.1 billion euros ($5.6 billion) in net proceeds to finance a combination with Porsche SE.
VW sold 64.9 million preferred shares at 65 euros each, the Wolfsburg, Germany-based company said today in a statement. The shares rose 2.19 euros, or 3.2 percent, to 69.69 euros in Frankfurt, valuing the carmaker at 33.3 billion euros ($45.5 billion).
Proceeds of the sale, announced last month, would go toward financing the takeover of Porsche SE's car-making operations. Volkswagen, agreed in August to merge with Stuttgart-based Porsche after the 911 sports-car maker's debt tripled to more than 10 billion euros following a failed bid to buy Volkswagen.
Porsche added 59 cents, or 1.3 percent, to 46.30 euros.
Volkswagen aims to overtake Toyota Motor Corp. as the world's largest automaker. The Golf compact manufacturer bought a 19.9 percent stake in Suzuki Motor Corp. in January to expand in the Indian market and is building a factory in Chattanooga, Tennessee, to boost sales in the U.S.
Separately, VW plans to raise 686.25 million euros from the first sale of bonds backed by Spanish car loans since the credit crisis started in 2007. The sale includes 622.5 million euros of AAA rated notes with an expected maturity of 1.65 years, and a 63.75 million-euro portion rated six steps lower at A by Standard & Poor's, according to Dennis Eisenhauer, a spokesman for the Volkswagen Financial Services AG unit.
