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Bonn Delays VW Stock Sale

October 29, 1987|Associated Press

BONN — The West German government has postponed plans to sell its 16% share in Volkswagen stock to the public because of a sharp drop in the price of the auto maker's shares over the last two weeks, informed sources said today.

The government, which was to have sold its shares by the end of the year, will delay the sale indefinitely, said the sources, who spoke on condition of anonymity.

Volkswagen shares have lost 29% of their value in the last two weeks. Today, they fell another 27.5 marks, to 260.50 marks. Volkswagen shares stood at 364.50 marks before the Oct. 19 crash that rocked stock exchanges around the world.

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