WOLFSBURG/STUTTGART (dpa-AFX) – Porsche AG is scheduled to go public on September 29. From then on, part of the preferred shares of the Volkswagen (Volkswagen (VW) vz) subsidiary will be freely traded on the market, as the board of directors and supervisory board of the VW (Volkswagen (VW) vz) group decided on Sunday evening. The advantages are offered in a price range between 76.50 and 82.50 euros. The plan is to issue up to 113,875,000 preferred shares, including over-allotment options. This means that the VW Group can earn up to 9.4 billion euros gross. It would be one of the largest IPOs in Germany and Europe in recent decades.
In addition, 25 percent plus one common share of the sports car subsidiary are to go to the VW owner holding Porsche Automobil Holding SE (Porsche SE Vz) (PSE) – this sale would bring VW up to a further 10.1 billion euros. In December, an extraordinary general meeting is to decide whether 49 percent of the total proceeds from the IPO and the sale of ordinary shares will be distributed to shareholders again in the form of a special dividend.
For the start of trading in Frankfurt, VW and the umbrella company Porsche SE had previously generally aimed for the end of September or the beginning of October. Initially, they did not name a specific day – the decision to go onto the floor was officially still subject to change due to the tense global economic situation and rising energy prices. The subscription period is expected to start on September 20th and run until September 28th.
The companies have been examining the IPO, which has been brought up again and again for years, since February, and the fundamental decision was made two weeks ago. Europe’s largest car group wants to tap into additional sources of money. VW AG is planning billions in investments from the proceeds. She also hopes to become more attractive to investors herself. Several analysts recently estimated Porsche’s market valuation on the stock exchange at 70 to 85 billion euros – arithmetically, with 911 million Porsche AG shares, it would be at the upper end of the price range up to a good 75 billion euros. VW currently has a market capitalization of a good 87 billion euros on the financial market.
Half of the share capital of Porsche AG was split into non-voting preference shares and half into ordinary shares with voting rights. Up to a quarter of the assets – about an eighth of all shares – are to go on sale soon.
At the same time, with a stake of slightly more than 25 percent of the ordinary shares, PSE gains influence on important decisions via a blocking minority. This step has now also been firmly agreed, and the PSE Supervisory Board approved a corresponding purchase agreement.
In total, the restructuring should result in 911 million individual securities – a kind of advertising gimmick with which Porsche alludes to its probably best-known model, the 911. The operational business with other series such as the Cayenne, Macan, Panamera or Taycan is bundled in the AG. In contrast, PSE, controlled by the Porsche and Piëch families, holds the majority of the voting rights in the VW group in Wolfsburg./jap/men
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