Someone is feverishly buying Volkswagen AG stock.
If rumors in European trading houses are accurate, the mystery investor is Kirk Kerkorian, the Las Vegas casino mogul seeking a board seat at General Motors.
Late last week, VW declined to comment, and Reuters said a Kerkorian spokesperson was not available.
On Wednesday, Sept. 21, "about 10.9 million shares traded, the third-highest volume in the last three years and this on a day without any news," said Marc-Rene Tonn, an analyst at M.M. Warburg, a Hamburg, Germany, investment bank. The three-month daily average was 2.8 million shares.
VW shares had struggled to break 45 euros (about $55) in recent months but closed on Thursday, Sept. 22, just shy of $62.
One London investment banker regarded the talk skeptically, noting that Kerkorian did not normally venture outside the United States and would face political hurdles if he wanted a major say at VW.