The sports car manufacturer gains more independence from the parent company Volkswagen as a result of the IPO.
(Photo: dpa)
Dusseldorf The Volkswagen supervisory board has passed a resolution in principle for the planned IPO of the sports car subsidiary Porsche. If the capital markets allow it, the deal could go ahead in the fourth quarter, said VW CFO Arno Antlitz in a press conference on Friday.
The expected market valuation of Porsche is in a range of 60 to 80 billion euros, at best even up to 100 billion euros. Volkswagen could receive 15 to 25 billion euros from the share sale, half of which is to be distributed to the shareholders of the parent company as a special dividend. VW wants to use the remaining income for investments in battery technology, software and electromobility.
In order to give Porsche AG the opportunity to set priorities independently of the Wolfsburg group headquarters, the supervisory board should not become a mirror image of the VW board, said several people familiar with the matter.
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