Consultations on fundamental issues
VW sets the course for Porsche’s IPO
9/3/2022 12:26 p.m
For months, the Volkswagen Group has been examining an IPO for its sports car subsidiary Porsche. A final decision is said to be pending, and it should be made on Monday. The competent bodies are also discussing another fundamental issue.
On Monday, the board of directors and the supervisory board of the VW Group want to deal with the question of whether to list the subsidiary Porsche at the end of September or beginning of October, as a spokesman said. An IPO is only possible with the approval of the board of directors and the supervisory board. A final decision has not yet been made.
In February, VW announced that it was considering an IPO. Among other things, Porsche wants to use the proceeds to finance its electric car strategy. According to the current information, the committees are also to discuss on Monday the sale of 25 percent plus one share of the ordinary shares in Porsche AG to Porsche Automobil Holding SE.
The Porsche sports car brand is 100 percent owned by Volkswagen. The second largest car manufacturer in the world, in turn, is controlled by Porsche Automobil Holding SE, over which the Porsche and Piëch families have a 53.3 percent majority in Volkswagen.
Owner families want Porsche back
This would give the owner families access to Porsche again via an IPO. The sports car manufacturer went to VW almost ten years ago after the lost takeover battle.
VW wants to invest 35 billion euros in the conversion to electromobility. By 2025, VW wants to be the world’s largest supplier of electric cars, and by 2030 half of all cars sold will be electric. Volkswagen unites twelve brands under its roof – in addition to the core brand VW, this also includes Audi, Porsche, Seat and Skoda. Porsche is considered the most valuable of the VW brands.