Volkswagen Drives Toward Porsche IPO
Volkswagen and its top shareholder have prepared a preliminary agreement to list Porsche to boost the parent company's valuation and fund its push into EVs.

2022 Porsche 911 Carrera GTS
Porsche
Volkswagen and its top shareholder have prepared a preliminary agreement to list Porsche to help boost the parent’s valuation and fund the company’s push into electric vehicles.
Under a plan code-named “Phoenix,” the automaker and Porsche Automobile Holding SE, the Porsche and Piech family’s main investment vehicle, have created a framework that would offer investors about 25% of non-voting shares in Porsche maker while the family buys a minority blocking stake.
The tentative Porsche listing, which Bloomberg Intelligence values at about $96 billion, would partly reverse the takeover of Porsche over a decade ago.
Company insiders, who spoke on the condition of anonymity, expect the IPO to happen in the second half of 2022 and suggest it might include a special dividend to help the Porsche and Piech family finance the transaction. The Porsche and Piech family holds 53% of the shares currently.
While external investors will own only non-voting shares, the Porsche and Piech owners will retain great influence through 25% of common stock with voting rights plus one share, according to a source familiar with the plans.
Europe’s biggest carmaker has pushed for some time to adopt a less centralized corporate structure to become more nimble.
Volkswagen’s management and supervisory boards still must sign off on the framework agreement with Porsche SE, the carmaker said.
Originally posted on Auto Dealer Today
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