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VW boss Diess: Money for the transformation to electromobility
Photo: SASCHA STEINBACH / EPA-EFE
Volkswagen wants to list its sports car subsidiary Porsche this year.
The placement of Porsche preferred shares could take place as early as the final quarter of 2022, said CFO Arno Antlitz.
In addition, the Porsche and Piëch families are to take over a quarter of the ordinary shares.
On the stock exchanges, the value of VW shares rose by 3.4 percent on Friday.
According to an agreement between Volkswagen and the family owners, the share capital of Porsche AG is to be divided equally between preferred shares and ordinary shares.
Up to 25 percent of the non-voting preference is to be placed on the capital market, i.e. 12.5 percent of the total capital.
Porsche Automobil Holding SE (PSE), through which the Porsche and Piëch families hold a majority stake in Volkswagen, is to subscribe to 25 percent plus one share of the ordinary shares and thus receive a blocking minority.
Proceeds of 23 billion euros conceivable
With part of the proceeds, Volkswagen wants to accelerate the transformation towards electromobility and software-based services.
About half of the money is to flow to the shareholders as a special dividend, and every employee is to receive 2,000 euros.
CEO Herbert Diess said the transaction would create a structure from which everyone would benefit.
The VW Group is planning six large battery cell factories in Europe alone.
Part of the money from the Porsche IPO should also be used for this.
However, Volkswagen cannot bear all of the costs on its own, but is looking for partners to do so.
According to CFO Antlitz, the management is also considering an IPO for the battery activities.
Assuming a value of 90 billion euros for Porsche, this would result in proceeds of around 23 billion euros for Volkswagen – 11 billion from the placement of preferred shares and 12 billion from the sale of ordinary shares to Porsche SE at a premium.
The Porsche and Piëch families would then receive around 3.6 billion euros from the special dividend.
That would be almost a third of the amount they would have to raise for the stake in Porsche AG.
fdi/Reuters