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Herbert Diess:
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The CEO of the Volkswagen Group wants to increase the market value of VW through an IPO for the high-yield Porsche
Photo: SASCHA STEINBACH / EPA
Another step towards the IPO of the sports car manufacturer Porsche has been completed.
On Thursday, Volkswagen AG held talks with Porsche Automobil Holding SE about a possible IPO of the sports car manufacturer and negotiated a key agreement on the subject of the Porsche IPO.
This was announced by VW and Porsche in the evening.
The Board of Management of Volkswagen AG, with the approval of the Supervisory Board, has decided to conclude the framework agreement and, on this basis, to examine the feasibility of a possible Porsche IPO.
However, the actual feasibility of an IPO depends on "a large number of different parameters as well as the general market conditions," it said.
Accordingly, a final decision on a Porsche IPO has not yet been made.
Nevertheless, the preparations for it are progressing.
According to the framework agreement, the share capital of Porsche AG is to be divided into 50% preference shares and 50% common shares in the event of an IPO.
As part of the possible IPO, up to 25 percent of the preferred shares are to be placed on the capital market.
The Porsche family regains control
In the event of an IPO, Porsche Automobil Holding SE would acquire a blocking minority of 25 percent plus one share of the ordinary shares in Porsche AG from Volkswagen AG.
For this, Porsche SE would acquire a premium of 7.5 percent on the placement price of the preference shares.
As reported by manager magazin, the Porsche family regained control of the sports car manufacturer.
Volkswagen AG would continue to include Porsche AG in its consolidated financial statements by way of full consolidation even after the implementation of an IPO.
It is also planned to continue the industrial cooperation between Volkswagen AG and Porsche AG after a possible IPO.
Special dividend planned for VW shareholders
In addition, it was agreed that, in the event of a successful IPO, Volkswagen AG will propose to shareholders that a special dividend be distributed in the amount of 49% of the total gross proceeds from the placement of the preference shares and the sale of the ordinary shares.
with news agencies
