Porsche IPO Is Go, Says Volkswagen Group Board | Carscoops carscoops
. The VW Group’s board gave the go-ahead in a meeting yesterday, and the the sports car firm is now likely to be listed in Frankfurt later in September or at the start of October., still subject to what VW calls “further capital market developments” and even then only a portion of the Porsche brand will be available to buy. VW is offering 12.5 percent of the firm to new investors, and the Porsche-Piëch families that are key shareholders in VW will buy 12.5 percent of Porsche.
“This [IPO] is a key element for the group, especially because the possible proceeds would give us more flexibility to further accelerate the transformation,” CFO Arno Antlitz said.Porsche CEO Oliver Blume is now also CEO of the VW Group Porsche’s consistent profitability and strong brand image has drawn numerous investors and Porsche recently said that it already had more pre-orders for shares than there will be shares available. The Qatar Investment Authority alone has expressed interest in purchasing almost 2.5 percent of the 12.5 percent of Porsche being offered.that no shares with voting rights are being offered and expressed concerns that VW will have too much influence over Porsche’s business after the sale.
Other potential investors have also voiced doubts about Porsche’s credibility as a true luxury brand based on the vastly greater number of cars it produces , and some are acting cautiously because of the effect inflation, energy prices and the war in Ukraine are having on financial markets.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
VW Banking On Porsche IPO To Fund Future Electrification Plans | CarscoopsVolkswagen CFO says proceeds from possible Porsche flotation would help speed up group’s shift to electrification
Read more »
Porsche IPO to proceed despite weakening market | AutocarVolkswagen Group to offer Porsche shares to public on the Frankfurt stock exchange by early October
Read more »
Volkswagen expected to rubber-stamp landmark Porsche IPO plan -sourceVolkswagen's supervisory board is expected to approve a plan to list sportscar maker Porsche in a much-anticipated initial public offering, a person familiar with the matter told Reuters on Monday.
Read more »
VW Group gives green light for Porsche IPO in 2022Porsche's IPO is expected to value the company at up to $85 billion.
Read more »
Porsche to enter stock market before end of 2022Volkswagen announces intention to float Porsche, triggering what could become one of world's largest listings even as inflation and energy woes send European stocks tumbling
Read more »
Porsche And TAG Heuer Launch Connected Calibre H4 Smartwatch | CarscoopsPorsche And TAG Heuer Launch Connected Calibre H4 Smartwatch | Carscoops carscoops
Read more »