STOCKS NEWS EUROPE-VW prefs plunge on on placement news

Preferred shares in Volkswagen (VOWG_p.DE) plunge 9.9 percent and ordinary shares (VOWG.DE) are also down 2 percent after Qatar Holding LLC (QH) says it plans to sell up to 25 million preference shares in Volkswagen, worth about 1.8 billion euros ($2.70 billion).

"Nothing new on the ordinary shares but the preference share sale is a big surprise. There had been rumours that Porsche also acquired a big stake in VW options but this has never been officially confirmed," a local Frankfurt-based trader says.

"Volkswagen preferrence shares are coming in weak, which points to a low placement price," another trader says.

Credit Suisse and Goldman Sachs are helping with the share sale, QH said. For more double click on [ID:nLA555332]

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