Volkswagen board to discuss Porsche listing
Volkswagen will recall almost 50,000 Beetles made between July 1, 2012 and August 6, 2015, and Golfs, made between July 1, 2012 and July 6, 2013, in China PHOTO: AFP
Volkswagen’s management and supervisory boards will meet on Monday to discuss whether the long-anticipated listing of sports car brand Porsche should go ahead in late September or early October, the carmaker said on Saturday.
A decision will also be made on whether Volkswagen approves of 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.
That would give the Porsche and Piech families, which control Porsche SE, a blocking minority - a step that would bolster their push for greater control of the carmaker that was founded by their ancestor Ferdinand Porsche in 1931.
Porsche SE, which owns 31.4% of Volkswagen and holds 53.3% of voting rights, confirmed Monday’s meeting in a separate statement, adding that the listing’s launch was still subject to market developments and further board discussions.
Under the framework deal reached in February, 25% of preference shares will be sold on the open market, equal to just 12.5% of Porsche’s total capital.
Published in The Express Tribune, September 4th, 2022.
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