"You mean, they're going to make an announcement in the near future?"

Soros's expression was also visibly nervous, "Or is it to announce the exercise of power?" As a result, our position ......"

As a result of constant selling and buybacks, the Quantum Fund is currently around 4.5 billion euros, an amount that is close to half of the total number of short-selling Volkswagen groups, precisely because Soros has lent a large number of shares from Piëch himself.

Now the trouble is all at once!

Thinking that there were only two days of trading, Soros felt his scalp tingle, "They shouldn't announce it in the near future, right?" Maybe they didn't collect options at all, or they bought shares in the Volkswagen Group through other means. Either way, the worst-case scenario should not be possible. ”

Even if he is as strong as Soros, he is dumbfounded by the current situation, and he speaks incoherently, with a strong fluke psychology in his words.

"If the bread falls on the floor, it must be the one with the cheese that hits the ground first!" Rodney. Jones barely managed to keep his composure, but the pessimism between his tones could no longer be hidden, "Murphy's Law." We should now think about how to end the game, if the Porsche family announces this, the Volkswagen Group's share price will definitely rise wildly, and then we will have to close the position as soon as possible. Oh my God, our position is just too big! ”

"yes!" Soros's eyes flickered for a long time, and finally said this leisurely.

……

"We seem to have been fooled?"

Saturday in Wolfgang, German time. After the deal with Bell Stone was completely completed, Porsche has always had a feeling of pain. After a few nights of sleepless sleep, he suddenly had a flash of inspiration and realized that there might be a problem behind the deal.

"30% of the shares, about 120 million shares. This translates to a current market value of more than 20 billion euros. It is unreasonable that he sold us for a measly 5 billion euros. ”

Because of the lack of common sense, coupled with the hard work during this time, Wolfgang. Porsche was already a little nervous enough to say such things to his financial advisory team.

"Mr. Wolfgang, this is not the case!" One is named Kohler. Haji's financial advisor shook his head with a wry smile. "According to the price on the option agreement, Tianyu Fund needs to buy 30% of the Volkswagen Group's share price at a price of 120 euros. And now the market price is around 200 euros, which means that they could have received a premium of 9 billion euros, but because of the huge volume, it is impossible to sell at this price, so he sold it to us at a discount of 5 billion euros. In other words, we have now taken over the options at a price of 160 euros per share. ”

"I see!" Wolfgang. Porsche thoughtfully said: "5 billion euros is really distressing for me. When I first negotiated with the other party, did you have any other ideas? ”

Nature. His implication was that there might be a possibility of negligence on the part of these financial advisers. At the end of the day, he's still haunted by the deal.

"Mr. Porsche, to be honest, we can't do anything, you have to know that the other party is a top financier, how can it leave us room for negotiation." Kohler. Haji could only continue to smile wryly, "To be honest, the reason why we are in a passive position. Or did the other party see through our determination to control the Volkswagen Group. If we don't take over, we're basically declaring our acquisition a failure. You have to know that the other party has so many options. This means that it is almost impossible for us to raise 50.1% of the shares. In addition, if we take over, we will have to give each other a large sum of money, as it is now. I have to say that his overall plan is really well-planned. ”

"Are we just sitting there and not doing anything?" Wolfgang. Porsche's anger grew. He was very dissatisfied with the answers of these financial advisors, because the loss of cash flow made it very unlikely that he would exercise these options. To fully exercise the 31.5% option, it would be necessary to come up with close to 20 billion euros. This number is so huge that Wolfgang. Porsche couldn't breathe.

"Of course not!"

Kohler. Haji smiled reluctantly, "Actually, Mr. Zhong is really a far-sighted person. He gave us his chips. It may not have been intended to offend the hedge funds that shorted the Volkswagen Group, but for us, there is no such annoyance, knowing that they are currently our enemies. The situation now is that as soon as we publish the positions we have at the right time, these hedge funds will automatically disperse, or even lose a mess, and then our predicament will be solved. Even at certain times, we don't necessarily need to exercise these high-priced options to be able to buy the right stock in the market. ”

"There's an opportunity now that if we announce that we have options on hand in the last two days, there's going to be a lot of chaos in the market, and if we don't say whether to exercise or not, it's always a nuclear threat to hedge funds. In addition, because it is an American-style option, it is certain that hedge funds will not be staring at this transaction in the future. Another financial advisor said excitedly, "From this point of view, we want to thank Mr. Chung." If it works, we might be able to make a lot of money. ”

"Announcing these possible locked-in shares?" Wolfgang. Porsche's eyes lit up, "Can you still solve the problem of mobility?" ”

"Not bad!" The trader was even more excited, "If we announce the position tomorrow, 31.5% of the equity in the market will be locked immediately, and with the addition of what we originally owned, and what the government of Lower Saxony owned, there is basically only a small amount of equity that can be circulated in the whole market." At such times, hedge funds are only able to buy a small number of outstanding shares in the market by raising prices like crazy in order to close their positions. At that time, the share price of the Volkswagen Group is likely to jump to a high price, an unbelievable price. ”

"But after talking for a long time, you still haven't explained how we can make a profit from it?" Wolfgang. Porsche was disappointed, "We need cash, so the hedge fund loses profits, and at most we have more shares on hand." But it doesn't match my requirements, understand? I want cash, cash to be able to buy the Volkswagen Group's low share price in the future! ”

"Mr. Porsche. Don't worry, there are some things you may not understand. It's actually quite simple, because if a hedge fund wants to close its position, it must buy at a crazy high price, and we can take the opportunity to sell some of the equity on hand and sell it at a high price. Wouldn't that be a big deal of cash? "Kohler. Haji patiently explained.

"Shall we sell?"

Wolfgang. Porsche understood it all at once. His face was happy, but his joy didn't last long, and another question arose, "But if the chips we worked so hard to absorb are circulated back into the hands of the Volkswagen Group, will this affect the entire plan?" Also, if we can't sell at a high price, or if we can't buy it back at a low price later, then wouldn't we ......"

"Nope. No, no! "Kohler. When Haji heard this, he glanced at the other colleagues, and several of them laughed. Porsche felt puzzled, "Mr. Porsche, maybe you don't know yet, but we've already estimated it." During this time. The amount of money shorted in the Volkswagen Group has far exceeded 5.8%, which is all the remaining outstanding shares in the market. This means that if the hedge fund wants to close the position. On the one hand, they want to increase the price like crazy, and on the other hand, they can't close the position anyway, and they will inevitably come to us for help. When the time comes, we sell the shares to them at a very high price, and when the closing is over, the Volkswagen Group's share price will immediately fall, and then we will buy it back. If it goes well. Not only did we keep the total number of shares we held for two trading days, but we were also able to earn a lot of cash. ”

"Is it already that serious?" Wolfgang. Porsche still maintained his usual caution, looked at a few people, and was still not very reassured.

"Of course!" Kohler. Haji patted his chest and said, "According to the information fed back to our trading department. The bears have already gone well beyond the size of 5.8%. You must know that a market maker in Germany alone has already sold 5% of the public shares, not to mention other brokers. According to our estimates and calculations, the total short ratio should be more than 10%, which means that we can sell 5% of the equity. ”

"So many?" Wolfgang. Porsche was taken aback, "So how much cash can we raise from this?" ”

"It depends on how crazy the hedge fund is!" Kohler. Haji said this, already with a smile on his face, "This is a typical long short, I suggest that it be launched tomorrow." Because there are only two or three days left for hedge funds, during this time some of the European-style options will release liquidity, although not a lot, but this liquidity will make hedge funds steal their heads, because they can't have more opportunities. As for the future operation, as long as we continue to eat the shares of the Volkswagen Group, I believe that it will not be long before this company will be acquired by us. ”

Wolfgang. Porsche thought about it again and again, and after his face changed for a long time, he suddenly slapped his thigh, "That's it." Draw up a press release now and wait until tomorrow to see what it looks like. ”

He was really looking forward to it, and at the same time he was horrified in his heart, because he thought that the current scene should all be in the plan of Zhong Shi and the others, although he inadvertently played the role of a thug, but the other party seemed to be very kind to him. This kind of behavior of being used by others to carry the black pot and being able to obtain huge profits makes him feel very complicated.

In any case, he intends to start immediately launching a counter-encirclement campaign against hedge funds.

……

Despite the fact that it was a weekend, Adolf. Merkeler is still in talks with representatives of the bank.

"Unfortunately, Mr. Merkler, we found that the 30 million euros we lent to your group were not used for production and operation, but were misappropriated by you to the capital market. We regret to inform you that you have seriously breached the terms of our contract. In the event of a breach of contract, we reserve the right to require you to repay all loans within 15 working days. A bank clerk in a suit and black-rimmed glasses said righteously, "At the same time, in the next three years, your group's credit will be cancelled." In other words, you don't want to borrow a penny from our bank. ”

"30 million euros, when the bank opens on Monday, our finance department will transfer the principal and interest to your account." Adolph. Merkeler pursed her lips, didn't care at all, and said with a big grin, "Our group was blacklisted by you?" Rest assured, you have also been blacklisted by us! From now on, the Group's funds will not go through any of the Hawker banks. ”

"What do you mean by that?"

The slightly young bank clerk immediately panicked, "Mr. Merkler, what the hell is going on?" I'm sorry, I'm sorry, but what I just said was in accordance with the rules. In fact, things are not inflexible, but they require a little formality. ”

"What formalities?" Adolph. Merkler's face was a little pale, but his words were still cold, "Before that, your face was really not good-looking." Even just now, I had to look at your face. It's a real embarrassment! ”

It's embarrassing, but now it's the one who's really embarrassed. Bach's bank clerk, he had to whisper again: "Actually, we only need to provide a cash certificate to let us know that you have enough ability to repay, and these are not problems." I'm sorry, Mr. Merkler, but I didn't know that your group's finances had improved......"

In general, there are two situations in which banks pursue loans, that is, there is a danger that the loans will not be recovered, or the loans are misappropriated. But as creditors, these are not immutable, and most of them are willing to turn a blind eye if the other party can provide proof of repayment.

Adolph. Merkler looked at Werner with contempt. Bach glanced at him and did not speak again, but in his heart he felt extremely disgusted by the bank's condescending behavior. In the past month or so, he has made a lot of floating profits by shorting the shares of Volkswagen Group, and his confidence in speaking naturally is much harder.

At this moment, he no longer bothered to talk to such a low-level staff, because such a person would only waste his time, he thought. (To be continued......)

PS: Thank you for the beginning of the phoenix, the brick of the brick, cjjl, the wind waiting for the mooring, let me think about it...... Wait for all book friends to vote for monthly tickets! Seeing everyone's enthusiastic support for this book, the author is grateful, everyone's support is the author's biggest motivation, and I will redouble my efforts in the future~