interesting

Two or three weeks ago, trading in Volkswagen shares turned violent on the German Borse as hedge funds, who'd grown accustomed to selling VW short
against any number of unusual "cross positions," found themselves running for cover as Porsche was rumoured to be making a play for the company. VW shares, trading quietly at or near EUR 200 for weeks, were rising quietly toward EUR 300, when they even more suddenly skyrocketed to EUR 450 in the course of one trading day, catching everyone offsides. Porsche, owning a huge options position in VW, made off handsomely.

Porsche made more money last year from its "options dealing" than it earned from its automobile operations. According to a blurb in The FT last
week,

last year, [Porsche] earned EUR 3.6 billion from option operations.. some three times as much as from cars... profits that will help it buy VW. Porsche used to be the emblem of a go-go City of London trader. Now it has become one.

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