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Porsche IPO could happen in fourth quarter -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

FRANKFURT (Reuters). A possible initial public offering by Porsche AG could take place in the fourth quarter, according to Volkswagen’s finance chief.

Arno Antlitz described the key steps involved in such a transaction and stated that Volkswagen would inform markets of progress and timeline for a listing by late summer.

After details were finalized by the two companies on Thursday regarding a potential listing for Porsche SE, shares in Volkswagen and Porsche SE rose 3.4% and 4.3%, respectively.

This includes plans to list 25% Porsche AG’s preferred stock, give 25% plus 1 ordinary shares in Porsche SE, and pay out 49% to Volkswagen’s shareholders as a special distribution.

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