German Handelsblatt: Sports car subsidiary: VW CEO Herbert Diess: Porsche IPO has “no high priority” 001752

Porsche

Volkswagen’s sports car subsidiary is unlikely to go public for the time being.

(Photo: Reuters)

Frankfurt / Main In the Volkswagen Group there is a dispute over a possible IPO of the sports car subsidiary Porsche. CEO Herbert Diess told the “Frankfurter Allgemeine Zeitung” (Saturday): “The topic of the Porsche IPO is currently not a high priority for me.”
Even if only part of the Porsche shares were freely traded, VW would lose the inflow of funds that the subsidiary brought to the group. “At the moment there is a lot to be said for using the money for our structural change,” said Diess. “You don’t want to give up a pearl like Porsche.”
Porsche CFO Lutz Meschke had recently campaigned aggressively for a stock exchange listing. This makes the value of the company more transparent and could also raise the valuation of the parent company.
For a higher market value, however, Diess is relying on the group-wide expansion of electric cars and autonomous driving. “In my opinion, evaluating the group parts individually does not fit into a time when our transformation to e-mobility will bring enormous synergies across all company divisions.”

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