After doubling its stake in Volkswagen, Porsche yesterday doubled the free float of VW's shares - albeit to a still measly 10 per cent. It said it was selling 5 per cent of VW to avoid "further market distortions" that had sent VW shares to irrational levels and threatened the survival of some hedge funds.

Was Porsche told to do so or did the German sports car manufacturer decide off its own bat to make a gesture to show that, after all, it is not the villain of the piece? The answer is neither here nor there. Of course, Porsche's blitz on VW raises all sorts of important issues, including the role of Germany's financial watchdog, the need to regulate cash-settled options and so on.