A couple weeks ago, GM wrote down it’s Chinese ops by $5B
Now, Porsche SE, the holding company for the Porsche family fortune, is about to write down it’s holdings in VW AG. Porsche holds 31.9% of the VAG stock, and 53.3% of the vote.
At Friday’s close, Porsche SE’s stake in VAG was worth 14.3B Euros. The write-off is expected to be between 7B and 20B, so somewhere between a 50% haircut, to total write off of VAG.