Porsche secures $13.5 billion to buy more Volkswagen shares

Porsche announced today that it has locked in a 10 billion euro ($13.5 billion) loan from several banks to help it solidify its majority stake in Volkswagen AG. Porsche Automobil Holding SE says that it can extend the amount to 12.5 billion euros ($16.8 billion)

Among the 15 bank guaranteeing the credit line are Barclays Capital, Deutsche Bank AG, BNP Paribas, Santander, UBS  and Credit Suisse Group.

Porsche has been working on taking over Volkswagen shares since 2006 and owned 51 percent as of January.

– By: Omar Rana

Source: Forbes