Porsche lied to the business world, claiming it had no interest in buying Volkswagen outright, and was merely interested in safeguarding its independence, yet was secretly acquiring stock to increase its stake in the bigger company, ready for the final takeover.As this activity boosted Volkswagen’s share price, hedge funds piled in, guessing a price crash was imminent, which would make each short-selling fund a bundle of cash. Instead, some of them ended up losing their shirts.
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