The long-awaited listing of sports car manufacturer Porsche in late September or early October will be discussed at a meeting of Volkswagen’s management and supervisory boards on Monday, the automaker announced on Saturday.
Volkswagen’s approval of the sale of 25% plus one share of ordinary shares in Porsche AG to Porsche SE, as outlined in the two parties’ framework agreement from February, will also be decided.
That would give the Piech and Porsche families, who control Porsche SE, a minority voting position, which would support their efforts to gain more influence over the automaker that their ancestor Ferdinand Porsche started in 1931.
The meeting was confirmed on Monday in a separate statement by Porsche SE, which owns 31.4% of Volkswagen and holds 53.3% of the voting rights. The statement also stated that further board discussions and market developments still needed to take place before the listing could go live.
According to the general agreement agreed in February, only 12.5% of Porsche’s total capital, or 25% of preference shares, will be offered on the open market.
According to calculations by Reuters, even that might increase to 10.6 billion euros ($10.55 billion) if investor estimations for the brand’s valuation come in at approximately 85 billion euros.
According to Refinitiv data, this would make the listing one of the largest in German history and the largest in Europe since Enel SpA in 1999.
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