Volkswagen’s management and supervisory boards will meet on Monday to decide whether to go ahead with the long-anticipated listing of sports car brand Porsche this in late September or early October, the carmaker has announced.
VW will also make a decision over the sale of 25% plus one share of ordinary shares in Porsche AG to Porsche SE, as laid out in a framework agreement by the two parties in February.
This would give the Porsche and Piech families, which control Porsche SE, a blocking minority and greater control over the company founded by their ancestor Ferdinand Porsche in 1931.
Porsche SE, which owns 31.4% of Volkswagen and holds 53.3% of voting rights, confirmed the meeting in a separate statement, adding that the listing’s launch was still subject to further discussion.
Under the framework deal reached in February, 25% of preference shares will be sold on the open market, equal to 12.5% of Porsche’s total capital.
This could raise up to 10.6 billion euros ($10.55 billion) if the brand’s valuation reaches the higher end of analyst estimates at about 85 billion euros.
That would make the listing one of the largest in German history and the biggest in Europe since Enel SpA in 1999.
Ordinary shares, which would be solely owned by Volkswagen and Porsche SE under the plans, would not be publicly listed.