Volkswagen announces intention to float Porsche, triggering what could become one of world's largest listings even as inflation and energy woes send European stocks tumbling
Porsche displays the 911 Targa 4 GTS, at right, at the AutoMobility LA Auto Show on November 18, 2021, in Los Angeles.
"In the event of a successful IPO, Volkswagen AG will convene an extraordinary general meeting in December 2022 at which it will propose to its shareholders that a special dividend amounting to 49 percent of the total gross proceeds from the placement of the preferred shares and the sale of the ordinary shares be distributed," it added.
The outbreak of the war has sown uncertainty in financial markets, sending stocks tumbling and clouding the outlook for the economy. In doing so, the family would hold a blocking minority that will allow them to steer the future of the group that bears their name. The Wolfsburg-based group is pumping tens of millions into the strategy, including building a clutch of battery factories across Europe and the US.
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