by Victoria Waldersee and Ilona Wissenbach
BERLIN/FRANKFURT (Reuters) – Porsche’s proposed listing has attracted strong investor interest, Oliver Blume, chairman of both Volkswagen’s executive board and its luxury car subsidiary, said on Thursday.
Oliver Blume, who declined to comment on the proportion of Porsche shares that Volkswagen plans to offer to retail investors, said it was important to attract interest from a wide range of investors.
In this interview with Reuters, the first since the announcement of the initial public offering (IPO) of Porsche, Oliver Blume brushed aside concerns about the way in which he will simultaneously manage the two groups after the listing of the subsidiary.
The chairman of the management board underlined that he considered it necessary for the leader of Volkswagen to also be responsible for a brand.
“If a topic concerning Porsche is discussed at the group board, I leave the room,” he said.
“The strategic direction of the group and the operational management of a brand are a perfect marriage… in my opinion, the link between the two is necessary.”
Volkswagen said on Monday it would launch the IPO of its luxury car subsidiary in late September or early October, a timeline criticized by some investors due to the impact of record inflation and the energy crisis on the markets.
“Despite the market conditions, the interest is huge. It’s been a great success,” he said.
He declined to provide a valuation forecast he expects for Porsche.
(Report Victoria Waldersee, Ilona Wissenbach, Christoph Steitz, Jan Schwartz, written by Madeline Chambers; French version Diana Mandiá, edited by Tangi Salaün)
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