Porsche IPO to proceed despite weakening market
Although the Volkswagen Group said the stock offering is subject to the aforementioned market conditions, Porsche chief financial officer Lutz Meschke said that “if a potential IPO would be stopped now, we're talking about severe problems” of such gravity that “by then a potential IPO wouldn't be a real issue”.
The money generated from the stock offering will give Porsche greater flexibility to invest in new technologies, according to Volkswagen Group chief financial officer Arno Antlitz. Autocar previously reported that Porsche is currently developing more advanced battery technologies for Blume said in a statement that the IPO will “open up a new chapter” for Porsche and “strengthen [its] ability to further execute [its] strategy”.
Porsche shares will initially be offered to various banks and brokers in Austria, France, Germany, Italy, Spain and Switzerland.Group has split the shares into two categories: 50% preference shares – which give holders priority over receiving dividends – and half ordinary shares, which allow voting rights for issues such as company strategy but tend to be of a lower priority when dividends are distributed.
The Porsche and Piëch families were also approved for 25% plus one of the ordinary shares through Porsche Automobil Holding SE, the majority shareholder of the , at the IPO price plus 7.5%. This gives the families veto powers for Porsche’s major strategic decisions. The Qatar Investment Authority – which owns 10.5% of the Volkswagen Group – has also signalled that it intends to purchase a 4.99% stake in Porsche AG through the IPO.will hold an extraordinary general meeting to propose paying shareholders a 49% dividend on the total gross proceeds of the IPO.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
VW Group gives green light for Porsche IPO in 2022Porsche's IPO is expected to value the company at up to $85 billion.
Read more »
How a group of artists is using poetry to help kids in southern DallasArt Inspired Healing Collective is a group of artists creating programs for students to teach them how to use art to learn more about themselves.
Read more »
Teen Critically Injured After Being Assaulted by Large Group, Shot in Back of the YardsA 19-year-old man is in critical condition after he was assaulted and shot by a large group of individuals in Chicago’s Back of the Yards neighborhood on Monday afternoon.
Read more »
Man beaten by group of 6 people, then shot on Chicago's South Side: policeThe male victim was approached by a group of six people and first beaten, Chicago police said. Then one of the suspects pulled out a gun and shot him in the chest and back.
Read more »
18-year-old dies after shooting at group home for teens in north PhoenixT’revonsay Sales, 18, died Sunday morning after being taken to the hospital in extremely critical condition on Thursday, according to Phoenix police.
Read more »