Volkswagen AG and Porsche Automobil Holding SE announced Tuesday that they have reached a framework agreement for an IPO of Porsche AG, the first official confirmation of the existence of such a project. No decision has yet been made and an agreement will have to be approved by the management boards and supervisory boards of the two groups, said the German car giant.
“The conclusion of a framework agreement (…) is currently an open question and depends on the agreement of the councils of both parties”he explained in a press release.
These statements nevertheless pave the way for what could be one of the most important IPOs in European history since Porsche could be valued between 45 and 90 billion euros.
This announcement caused the stock prices of Volkswagen and Porsche SE to jump on the Frankfurt Stock Exchange and around 09:50 GMT, the two titles, which had previously started the session in the red, gained 9.21% and 10.13% respectively, while the Dax index lost 1.06%.
The markets have been speculating for several months now on the possibility of an IPO for Porsche, but the decision-making process is complex due to the group’s shareholding structure.
Reuters had learned last year from several sources familiar with the matter that the Porsche and Piëch families, which hold 31.4% of the shares and 53.3% of the voting rights of Porsche via the Porsche SE holding company, were considering taking a stake. directly in the constructor.
This approach would reduce the hold of the families on Volkswagen in favor of Porsche, the brand founded in 1931 by Ferdinand Porsche, common ancestor to the two families. (with AFP)