Herbert Diess, CEO of Volkswagen
The final arrangement must be approved by the board of directors and the supervisory board
They speed up the talks for a possible landing in bag Of Porsche. In fact, the negotiations between Volkswagen AG e Porsche Car Holding SE for a potential Ipo of the luxury brand. The parties have negotiated a Framework Agreement which will be the basis for the preparation of the operation, he writes Volkswagen in a note.
As pointed out by the German carmaker, a final agreement it needs to be approved by the board of directors and supervisory boards, but a final decision has not yet been made. “The possibility that a Framework Agreement is concluded and its content are currently open issues and depend on the approval of the Boards of both parties “, he said Volkswagen. The news immediately sent the title of the German car brand which jumped 8.39% to the mid-morning Frankfurt Stock Exchange (-1.1% it Dax 40).
Volkswagen in fact he has been studying a possible one for some time public offer of the luxury brand Porche AG as a way to finance its expensive switch to software e electric vehicles. In particular, speculation on a quotation of Porsche emerged during 2021, but the complexity of the operation never led to a real one closing.
Before the close of the year, the international news agency Reuters reported that reports on a possible price of the unit included estimates of a valuation Porsche AG autonomous between 45 and 90 billion of Euro. According to the German financial daily newspaper Handelsblattthe families Porsche and Piechwhich control the largest shareholder of Volkswagen Porschethey were considering selling part of theirs VW participation to finance a substantial purchase.
“Families, who own 31.4% of the shares Volkswagen and have 53.3% of the voting rights through Porsche SEthey could in fact sell enough shares to raise approx 15 billion euros: would remain the largest shareholder of Volkswagen in front of the state of the Lower Saxonywhich holds an 11.8% stake and 20% of the voting rights “, wrote the German newspaper.