Volkswagen triggers landmark Porsche IPO plan, defying market doubts

Attendees look at the 2022 Porsche 718 Cayman GT4 RS during the 2021 LA Auto Show in Los Angeles, California, U.S. November 17, 2021. REUTERS/Ringo ChiuRegister now for FREE unlimited access to Reuters.comRegisterHAMBURG/FRANKFURT, Sept 5 (Reuters) – Volkswagen (VOWG_p.DE) on Monday announced its intention to float sportscar brand Porsche, triggering what could become one of the world’s largest listings even as markets jitter over record inflation and a Russia-Europe energy standoff.The carmaker published a so-called intention to float for an initial public offering in late September or early October to be completed by the end of the year.The move was announced after VW’s supervisory board gave the go-ahead late on Monday. read more Investors expect a valuation between 60-85 billion euros. At the high end of estimates, the IPO could be the largest in German history and the biggest in Europe since 1999, Refinitiv data showed.”The Board of Management of Volkswagen AG today resolved, with the consent of the Supervisory Board, to pursue an initial public offering,” Volkswagen said.Register now for FREE unlimited access to Reuters.comRegisterReporting by Paul Carrel, Victoria Waldersee, Jan Schwartz; Emma-Victoria Farr, Christoph Steitz, Ilona Wissenbach in Frankfurt
Additional writing by Tom Sims; Editing by Matthew Lewis and Alistair BellOur Standards: The Thomson Reuters Trust Principles.Emma-Victoria FarrThomson ReutersReports on European M&A with previous experience at Mergermarket, Bloomberg The Daily Telegraph and Deutsche Presse Agentur.

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