Through Porsche SE, the founding families Porsche and Piech are major shareholders in the Wolfsburg-based Volkswagen Group, which in turn includes Porsche AG as a subsidiary.
(Photo: IMAGO/photothek)
The carmaker Volkswagen could get things done with the IPO of Porsche AG at the beginning of the new week. In their meetings on September 5, 2022, the executive board and supervisory board will deal with the announcement of a possible IPO of the VW sports car subsidiary at the end of September or beginning of October, as the Dax group announced on Saturday.
In addition, a decision should be made on the approval of the sale of a quarter of the ordinary shares plus one share in Porsche AG to VW-Holding Porsche SE. VW announced in February that it was considering such a step.
With the multi-billion dollar sale of the shares in the sports car manufacturer, the Porsche and Piëch families, who call the shots at Porsche SE, would receive a blocking minority at Porsche AG. Important decisions could not be made without them.
If both companies agree on this acquisition of shares, an IPO of Porsche AG would then depend, among other things, on the development of the stock market as a whole, Porsche SE announced.
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The stock exchange plans were announced by the old VW boss Herbert Diess. It would be implemented by his successor Oliver Blume, who has been in charge of the group since the beginning of September, but at the same time will continue to manage Porsche AG.
At the start at the top of VW, he had announced a further expansion of e-mobility. In addition, the group board, which was significantly enlarged during the Diess period, is to be reduced again – by a quarter from the last twelve to nine members in the future.
More: People instead of gaps – How VW boss Oliver Blume wants to reform the group