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Porsche SE supports Volkswagen’s IPO plans for sportscar maker Porsche AG -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Porsche’s logo can be seen at a Porsche dealership, during the COVID-19 coronavirus epidemic in Brussels on May 28, 2020. REUTERS/Yves Herman

BERLIN (Reuters). Volkswagen SE (DE:), the largest shareholder of Volkswagen, backs Volkswagen’s plan to IPO luxury sportscar manufacturer Porsche AG. The holding company added that no decision has been taken.

Volkswagen presented the idea in February. They plan to sell 25% plus 1 normal share of Porsche SE, as well as list up to 25% Porsche AG’s preferred stock and pay out 49% to Volkswagen shareholders.

Porsche SE supports Volkswagen AG (OTC)’s plan to improve its financial flexibility as well as accelerate its technological transformation,” Porsche SE reported in its annual results.

Johannes Lattwein (finance and IT chief) stated that Porsche AG is a leading brand in luxury and sports segments. This attractive investment will diversify our portfolio as well as our dividend inflows.

Porsche Automobil Holding SE (which is managed by the Porsche, Piech, and owns a 31.4% share in Volkswagen) reported a total group result of 4.6 Billion Euros ($5.06 Billion) for 2021.

The group forecasts results for 2022 after taxes between 4.1 billion to 6.1 billion euro, excluding the potential impact of a Porsche IPO.

($1 = 0.9099 euros)

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