Porsche, Volkswagen, and CSX: Cars, Trains, and Derivatives

Kellogg School of Management Cases

ISSN: 2474-6568

Publication date: 20 January 2017


This case focuses on the massive equity derivative positions entered into by Porsche in relation to Volkswagen stock and by TCI and 3G in relation to CSX stock. Students will learn how equity exposure can be created without buying stock and without prior disclosure. The role of regulators, courts, and investment banks that facilitate these transactions is also explored.



Stowell, D. and McLarty, T. (2017), "Porsche, Volkswagen, and CSX: Cars, Trains, and Derivatives", Kellogg School of Management Cases. https://doi.org/10.1108/case.kellogg.2016.000263

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