Volkswagen is expected to announce the pricing range for the planned initial public offering of luxury sportscar division Porsche AG on Sunday.
- Porsche's share capital is being split in two: 455.5 million ordinary shares and the same number of preferred shares, totalling 911 million shares overall, a play on the company's most iconic model.- Ordinary shares carry voting rights, which matter when it comes to the question of who controls the company.
- The stock market listing, expected in late September or early October, will only apply to the preferred shares.- As part of the deal, Volkswagen plans to sell 25% plus one ordinary share in Porsche AG to Porsche SE , the holding firm controlled by the Piech and Porsche families, effectively giving them a blocking minority in the namesake brand.
- Porsche SE, already Volkswagen's largest shareholder and holder of the majority of voting rights in Europe's top carmaker, has pledged to pay a 7.5% premium for its ordinary shares over the placement price of the preferred shares.- Assuming a valuation range of 70 billion to 80 billion euros , proceeds for Volkswagen could be anywhere between 18.2 billion to 20.8 billion euros
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