The Porsche and Piech families, which control Volkswagen’s biggest shareholder, are considering selling part of their stake in the automaker and using the proceeds to buy a substantial number of Porsche shares, German newspaper Handelsblatt reported on Tuesday (7).
The families, who own 31.4% of Volkswagen shares and 53.3% of the voting rights through Porsche Automobil Holding, would sell enough shares to raise about 15 billion euros (£95.1 billion), the report said. newspaper. They would remain Volkswagen’s biggest shareholders, ahead of the German state of Lower Saxony, added Handelsblatt.
Porsche Automobil Holding and Volkswagen did not comment. Volkswagen shares rose as much as 8.3% after the news.
People familiar with the matter told Reuters in May that families were prepared to take a direct stake in Porsche if the luxury car maker were listed separately.
Such a move would loosen the families’ hold on Volkswagen in favor of direct ownership of Porsche.
Speculation about a Porsche listing earlier this year included estimates of a valuation between €45 billion and €90 billion.
Manager Magazin said in October that Goldman Sachs and the law firm Freshfields were among the consultants working on a possible Porsche listing.
Volkswagen Chief Executive Herbert Diess said on Oct. 28 that the company was constantly reviewing its portfolio, but provided no further comment.
Diess will likely remain chief executive of the German automaker, although he cedes some responsibilities after a clash with union leaders, two sources familiar with the matter told Reuters.
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