Dear reader,
if a wartime IPO is an eye-catcher in itself, then Porsche’s IPO is a sensation today. EUR 82.50 per preferred share and EUR 88.69 per common share; The previous sole owner Volkswagen should generate around 19.5 billion euros – that’s enough for the largest German IPO in ages. To be more precise: since Telekom in 1997. Right off the bat, Porsche is worth EUR 75 billion, much more than its competitors, Mercedes (EUR 58 billion) and BMW (EUR 47 billion), which are significantly larger in terms of sales and turnover.
One major shareholder in particular should be happy: the PorschePiech-Clan. The families buy 25 percent plus one ordinary share through their holding Porsche SE. That means a blocking minority – and with it the long-missed power in the sports car brand. The surcharge for the right of first refusal: 7.5 percent on the preferences. Very manageable, right? Family and corporate bodies are too intertwined, leaving a stale aftertaste to the otherwise impressive Porsche stock market story.
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