Porsche Raises $625 Million In USA Private Placement

BERLIN March 17, 2004; Mathilde Richter writing for Dow Jones reported that German luxury car maker Porsche AG said Wednesday that it has raised $625 million in a private placement in the U.S.

In a statement, the company said the placement was several times oversubscribed and that the buyers were about 20 institutional investors, notably insurance companies.

The deal was managed by ABN Amro and Merrill Lynch , Porsche said.

Porsche Chief Financial Officer Holger Haerter was quoted saying that the funds raised would serve the company's growth ambitions.