BERLIN (Reuters) -Volkswagen’s management and supervisory boards will discuss at a meeting on Monday whether the long-anticipated listing of sportscar brand Porsche in late September or early October should go ahead, the carmaker said on Saturday.
A decision will also be made on whether Volkswagen approves of the sale of 25% plus one share of ordinary shares in Porsche AG to Porsche SE, as laid out in a framework agreement by the two parties in February.
“A final decision has not yet been taken,” a Volkswagen statement said.
In a separate statement, Porsche SE, which owns 31.4% of Volkswagen and holds 53.3% of voting rights, confirmed Monday’s meeting and said it was in “advanced discussions” with Volkswagen AG on the structure of the share purchase agreement.
Even if the boards reach an understanding on Monday, the launch of the listing is still subject to market developments and further board discussions, Porsche’s statement said.
Some investors have questioned the timing of a stock market debut that would test the appeal of Europe’s largest automaker at a time when the valuations of leading companies have shrunk amid the instability of war and record energy costs.
(Reporting by Riham Alkousaa and Victoria WalderseeEditing by Helen Popper)
