Posted on 30 Sep 2022
Oliver Blume, ceo of Volkswagen Group and Porsche AG, celebrated on Thursday a new era for the luxury sports car brand following its initial public offering (IPO) at the Frankfurt Stock Exchange, Kallanish reports.
At the helms of both companies, Blume orchestrated the successful listing – Europe’s largest IPO by market capitalisation. Porsche was valued at €78 billion ($76 billion) ahead of the placement of 113.87 million preferred shares at a price of €82.50 each. These shares correspond to 12.5% of Porsche AG’s capital.
Parent company Volkswagen is estimated to have raised €9.4 billion in the IPO.
“Today, a big dream comes true for Porsche. Our increased degree of autonomy puts us in a very good position to implement our ambitious goal in the coming years,” says Blume. “We are beginning a new chapter in the unique history of our company.”
The new era proclaimed by Porsche’s management comes with greater entrepreneurial freedom for the sports car manufacturer, they say. The move will support the company’s ambition to reach a “leading position” in e-mobility. In 2030, 80% of all its new cars should be BEVs, and its value chain is intended to be carbon-neutral by the same timeframe.
Porsche says the domination agreement and profit/loss transfer agreement with Volkswagen will expire at the end of 2022. It will be replaced by an industrial cooperation agreement, “on an arm’s length basis,” pursuant to which the companies will govern their future industrial and strategic relationship.
“Both companies have a common interest: the sustainable and value-creating development of Porsche AG,” it adds.
“Together, we are working with determination to implement our long-term strategy. Here, we can leverage the best of both worlds: the advantages of our luxury positioning and the synergies with the Volkswagen Group,” concludes Porsche’s deputy chairman Lutz Meschke.