Volkswagen brands gear up for listings as Porsche SE begins share acquisition
Summary
REUTERS/Victoria Klesty/File Photo BERLIN, Oct 4 (Reuters) - Volkswagen (VOWG_p.DE) brands are preparing for stock market listings as a training exercise, CEO Oliver Blume told the Handelsblatt newspaper on Tuesday, as its largest shareholder began its acquisition of Porsche AG shares. It was also viewed as a means of giving the Porsche and Piech families, set to receive a blocking minority of 25% plus one of the voting ordinary shares, a tighter leash over the carmaker and sportscar brand. The second tranche will be transferred at the start of next year, when Volkswagen AG shareholders are paid out 49% of the proceeds of the listing as a special dividend. Meanwhile, Volkswagen is running training sessions for unlisted brands - including Audi, Lamborghini, Bentley, Skoda, Seat and Cupra - to sharpen their focus on capital markets, Blume said in the Handelsblatt interview. Still, the Porsche listing has yet to benefit Volkswagens valuation, with shares in the group down around 10% in part because investors switched from the former parent to the sportscar brand.
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