Volkswagen'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.
Attendees look at the 2022 Porsche 718 Cayman GT4 RS during the 2021 LA Auto Show in Los Angeles, California, U.S. November 17, 2021. REUTERS/Ringo Chiusupervisory 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.Volkswagen declined to comment.
The intention to float is expected to include an offering to retail investors in countries in Europe including France, Spain, and Italy, two sources close to the negotiations said, an attempt to tap in to Porsche's loyal fan base. Ordinary shares, solely owned by Volkswagen and Porsche SE under the plans, would not be publicly listed.
Qatar Investment Authority, which owns 10.5% of Volkswagen and 17% of its voting rights, will also become a strategic investor in Porsche AG's preferred shares in the case of an IPO.
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