Volkswagen will reflect on Porsche’s IPO project on Monday | Photo credits: VolhaHanna Kanashyts / Shutterstock.com
BERLIN, Sept 3 (Reuters) – Volkswagen’s executive and supervisory boards will meet on Monday to discuss whether to go ahead with the planned IPO of Porsche, the group’s premium sports car brand , scheduled for late September or early October, the German manufacturer said on Saturday.
A decision will also be taken on the proposed sale of 25% of the capital of Porsche AG plus one share to Porsche SE, Volkswagen’s largest shareholder, as provided for in the agreement in principle concluded in February between the two parties.
“A final decision has not yet been made,” Volkswagen said in a statement.
In a separate press release, Porsche SE, which holds 31.4% of the capital and 53.3% of the voting rights of Volkswagen, confirmed that this meeting would be held on Monday and said it was in “advanced discussions” with Volkswagen on the structure of the agreement to acquire the capital of Porsche AG.
Even if agreed on Monday, the implementation of Porsche AG’s IPO will continue to depend on market developments and further discussions within the supervisory board, Porsche SE said.
Some investors are questioning the advisability of this IPO, based on a valuation of around 90 billion euros at the time of the presentation of the project in February, while the financial markets are suffering against a backdrop of war in Ukraine, rising energy costs and inflation. (Report Riham Alkousaa and Victoria Waldersee, French version Bertrand Boucey)