Volkswagen is targeting a valuation of up to $75 billion for luxury sportscar maker Porsche
The IPO will list 25% of preferred shares, which do not have voting rights, meaning stock market investors will own just 12.5% of Porsche AG's capital and have little say.
Nonetheless, the listing has attracted cornerstone investors including Qatar Investment Authority, which is buying 4.99% of the offering; Abu Dhabi's ADQ, which is investing 350 million euros; as well as T. Rowe Price"Our starting point is that we always want to be able to vote," said Carine Smith Ihenacho, chief governance and compliance officer at the Norwegian fund.
Shares in Volkswagen, which some analysts have said could unlock value for its own stock by listing Porsche AG, were little changed at 1556 GMT, after rising 3% in premarket trade. He will be paid entirely by Volkswagen until the end of the year, and receive around 60% of his salary from the group after that with the remaining 40% to be paid by Porsche AG, reflecting the different remuneration levels at the two firms.
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