FRANKFURT, February 24 (Reuters) – Volkswagen and its largest shareholder, Porsche SE, announced the terms for the possible IPO of luxury automaker Porsche on Thursday, another step towards what could be one of the key introductions in the history of the stock market.
Volkswagen said that if the IPO is launched, Porsche AG’s capital will be divided equally between common and preferred shares, and up to 25% of the preferred shares will be issued. .
Such an operation would involve an initial public offering of up to 12.5% of Porsche AG’s total capital for an amount in excess of €10 billion, based on a valuation of approximately €90 billion.
A spokesperson said the common shares, which will be wholly owned by Volkswagen and Porsche SE, will not be listed on the stock market under the plan.
“The automotive industry is fundamentally changing. Volkswagen is determined to play a leading role in the world of zero emissions and autonomous mobility,” said Volkswagen CEO Herbert Diess.
“The IPO of Porsche AG will give us additional flexibility to further accelerate the transformation. Porsche AG will benefit from increased entrepreneurial freedom while continuing to benefit from group synergies.”
According to the framework agreement, Porsche SE, which owns 31.4% of Volkswagen’s capital and 53.3% of voting rights, would purchase 25% from Volkswagen plus a common share in Porsche AG for a 7.5% premium on the sale. . price of preferred shares.
This assembly would secure the Porsche and Piëch families controlling the Porsche SE, a blocking minority in the luxury manufacturer founded in 1931 by their common ancestor Ferdinand Porsche.
Volkswagen said it would offer its shareholders, including Qatar and the German state of Lower Saxony, to receive 49% of the gross proceeds from the placement of shares in Porsche AG.
Qatar, which owns 14.6% of Volkswagen’s shares and 17% of voting rights, will become a strategic investor in Porsche AG through preferred shares in case of public offering.
Lower Saxony Minister-President Stephan Weil said the state supports the framework agreement.
(Report Christoph Steitz with Zuzanna Szymanska;, French version by Marc Angrand)