STUTTGART (dpa-AFX) - German automaker Volkswagen AG (VKW.L, VLKAF.PK, VOW.BE) and its major shareholder Porsche Automobil Holding SE (POAHY.PK, POAHF.PK) said Thursday that they reached an agreement to continue to explore a potential initial public offering of Sports Car manufacturer Dr. Ing. h.c. F. Porsche AG.
The actual feasibility of the IPO depends on a number of different parameters as well as general market conditions. No final decisions have been made, the companies said in a statement.
As per the the current status of discussions, in case of an IPO, the share capital of Porsche AG will be divided in 50% preferred shares and 50% ordinary shares and, in the course of a possible IPO, about 25% of the preferred shares will be placed in the capital market.
Porsche SE would acquire 25% plus one share of the ordinary shares of Porsche AG from Volkswagen for the listing price of the preferred shares plus an additional premium of 7.5%.
Volkswagen said it would use the proceeds from a possible IPO of Porsche AG for the financing of the industrial and technological transformation of the Volkswagen group as well as for further growth.
It has also been agreed that, in case of an IPO of Porsche AG, Volkswagen AG will propose to its shareholders to pay a special dividend in the amount of 49% of the total gross proceeds of the placement of the preferred shares and the sale of the ordinary shares.
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