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U.S. Fund Sells $1.2 Billion Volkswagen Stake
Kansas-based fund manager Waddell & Reed Financial Inc. sold nearly 5.8 million preferred shares in Volkswagen AG on Friday for €914 million ($1.2 billion). The stake amounts to 90% of the Waddell & Reed's VW stock and 3.5% of the company's preferred shares.
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Kansas-based fund manager Waddell & Reed Financial Inc. sold nearly 5.8 million preferred shares in Volkswagen AG on Friday for €914 million ($1.2 billion).
The stake amounts to 90% of the Waddell & Reed's VW stock and 3.5% of the company's preferred shares. The fund did not disclose its reasons for selling the shares.