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Porsche listing plans on track, Volkswagen CFO says
Global Banking & Finance Review®
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BERLIN (Reuters) – Preparation for a listing of Volkswagen’s sportscar brand Porsche later this year is continuing, with a decision expected in late summer, the carmaker’s chief financial officer said on Thursday.
BERLIN (Reuters) – Preparation for a listing of Volkswagen’s sportscar brand Porsche later this year is continuing, with a decision expected in late summer, the carmaker’s chief financial officer said on Thursday.
“We continue to execute our plan for a potential IPO of Porsche later in this year. Preparation is continuing with a decision expected late summer, now with even more emphasis than before,” CFO Arno Antlitz said on a call.
“Oliver Blume in his capacity as CEO of both companies, Volkswagen and Porsche, stands for an independent Porsche with access to Volkswagen synergies,” he added.
Friday’s announcement that group CEO Herbert Diess would be replaced by Porsche boss Blume rekindled investor concerns about corporate governance problems at the carmaker, with some worried that Blume would not be able to pull off a planned listing while leading both the sportscar brand and the group.
(Reporting by Victoria Waldersee, Editing by Miranda Murray)
An IPO, or Initial Public Offering, is the process through which a private company offers shares to the public for the first time, allowing it to raise capital from public investors.
Corporate governance refers to the systems, principles, and processes by which a company is directed and controlled, ensuring accountability and transparency in its operations.
Synergies in business refer to the potential financial benefit that occurs when two companies combine their operations, leading to increased efficiency and cost savings.
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