In view of the IPO of Porschethe families Piëch and Porsche they would like to have a strong influence on the future of the Volkswagen group again. The initial public offering of equities, which will place the German brand on the stock market for the first time, will be an important step. Having placed Porsche CEO Oliver Blume at the head of the entire group as well, by torpedoing Herbert Diess, is another piece of the puzzle.
Currently the Piëch and Porsche families own 53% of the group, but they would like even more to be present in the decision-making process. According to a Reuters source, “they want to keep an eye on the implementation of the strategic planor”. And they would be convinced as never before that they are capable of running the company.
“In terms of governance, the Piëch and Porsche families, which control the listed holding Porsche SE – which owns most of Volkswagen’s voting rights – hope to restore calm to the first European manufacturer after the recent traumatic exit from the scene. by CEO Herbert Diess, who was fired on July 22, among other things, due to delays in software development and the poor success of the ID electric family, especially in China. Above all, however, they are aiming for tighter control over Wolfsburg. As for the IPO, it would insure the families, represented on the VW executive committee by Hans Michel Piëch and Wolfgang Porsche (cover photo)a blocking minority in Porsche, hence control, after the 911 and electric Taycan manufacturer was taken over by Volkswagen in 2009, following a failed attempt by Porsche to buy Volkswagen“, We read in the Sole 24 Ore.
Meanwhile, Porsche recorded profits up 31% in the first six months of the year. Net liquidity dropped to 504 million as of June 30 from 641 million at the end of 2021, due to the acquisition of additional Volkswagen preferred shares from March 29 to May 6, 2022. Thanks to the IPO, a minority stake should go to the market while a valuation close to 90 billion euros is expected. The aim is to support investments in the Volkswagen Group’s electrification plan and softwareequal to 89 billion by 2026.
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