DIRS.INFO The most relevant business & tech news

☆ Investors switch into Porsche AG from Volkswagen on debut day
▼ + stars: | 2022-09-29 | by ( Danilo Masoni | ) www.reuters.com time to read: +2 min

MILAN, Sept 29 (Reuters) - Porsche AG shares rallied on their Frankfurt market debut on Thursday as traders dumped holdings of its controlling companies to grab a slice in the newly listed supercar manufacturer. Register now for FREE unlimited access to Reuters.com Register"There seem to be shifts from Volkswagen into Porsche AG," said Jochen Stanzl, analyst at online broker CMC Markets. Porsche AG shares traded at a premium of as much as 5.2% to their IPO price of 82.5 euros at one point. Shares in top shareholders Volkswagen (VOWG_p.DE) and Porsche Automobil Holding SE (PSHG_p.DE) were last down 5% and 8% respectively. Porsche AG was by far the most traded stock by volume on Thursday on Lang & Schwartz's platform, indicating interest from individual investors, too.

Of course we had a gut feeling - the feedback we got from investors was very positive," Blume said, speaking next to a Porsche Taycan parked outside the Frankfurt stock exchange. Register now for FREE unlimited access to Reuters.com RegisterPorsche AG's solid market debut came despite broadly weaker stock markets following red-hot German inflation data. In an interview with Reuters, Blume brushed aside concerns about his dual CEO role, saying it was not unusual to lead a brand and a company simultaneously. Looking forward, the sports car brand was focused on solving the last remaining software issues created by delays in the collaboration with Volkswagen's Cariad unit, setting out distinct strategies for Eastern and Western markets, Blume said. "I would not rule out that we would have technology that first arrives in the Chinese market and is then rolled out in other markets," he added.

Volkswagen priced Porsche AG shares at the top end of the indicated range and raised 19.5 billion euros from the flotation to fund the group's electrification drive. Porsche AG stock was trading up 3% from the issue price of 82.50 euros at 1035 GMT. That lifted Porsche AG's valuation to 77.4 billion euros, close to the market capitalisation of Volkswagen as a whole, which is worth around 80.1 billion euros, and puts it ahead of rivals like Ferrari (RACE.MI). Shares in Volkswagen and holding firm Porsche SE (PSHG_p.DE), which owns a blocking minority in Porsche AG, were down 4.6% and 8%, respectively, as investors switched across. Up to 113,875,000 preferred Porsche AG shares, carrying no voting rights, were sold in the initial public offering.

☆ Volkswagen battery IPO could be next, says CFO
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

"We do not rule out an IPO of the battery unit, but the financial flexibility we won today allows us to further strengthen our work in batteries alone. Antlitz brushed aside rumours that Thursday's Porsche listing could lead to a listing of Audi, another premium brand and huge moneymaker for Volkswagen. Register now for FREE unlimited access to Reuters.com Register"The next project is strategic partnerships or a potential IPO of the battery unit - I can't say more for now," he said. Volkswagen has set aside 20 billion euros ($20.38 billion) for investment in its battery cell business, with the PowerCo unit managing its battery production and research from mining to recycling and projects including energy storage systems. It has set aside a further 10 billion euros for investment along the supply chain, such as sourcing cathode materials.

☆ Factbox: The structure of the Porsche IPO
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +3 min

- As part of the deal, Volkswagen sold 25% plus one ordinary share in Porsche AG to Porsche SE (PSHG_p.DE), the holding firm controlled by the Piech and Porsche families, effectively giving them a blocking minority in the namesake brand. WHO CONTROLS PORSCHE AG? - Volkswagen AG and Porsche SE jointly own all of Porsche AG's ordinary shares in a 75% minus one share-25% plus one share split. - Overall, 75% minus one ordinary share of Porsche AG's total share capital is owned by Volkswagen AG after the IPO. - Porsche SE now owns 12.5% plus one ordinary share of Porsche AG's total capital while Qatar owns 2.5%.

Volkswagen priced Porsche AG shares at the top end of the indicated range and raised 19.5 billion euros from the flotation to fund the group's electrification drive. Porsche AG stock was trading up 2.5% from the issue price of 82.50 euros at 0854 GMT. Register now for FREE unlimited access to Reuters.com RegisterPorsche AG's solid start came despite broadly weaker stock markets as they braced for expected red-hot German inflation data. Shares in Volkswagen and holding firm Porsche SE (PSHG_p.DE), which owns a blocking minority in Porsche AG, were down 4.3% and 6.7%, respectively. Up to 113,875,000 preferred Porsche AG shares, carrying no voting rights, were sold in the initial public offering.

☆ The long, winding road to Volkswagen's Porsche IPO
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +5 min

October - Porsche SE says it holds stock and options that give it control of 74% of Volkswagen's votes and announces plans for a "domination" agreement. 2012July - Volkswagen agrees to buy the remaining 50.1% stake in Porsche AG from Porsche SE for about 4.5 billion euros. Porsche AG, the carmaker, is now fully owned by Volkswagen AG, while Porsche SE, which is controlled by the Porsche and Piech families, is Volkswagen's largest shareholder and holds a majority of voting rights. 2022February - Volkswagen and Porsche SE say they are examining a possible initial public offering of Porsche AG, under a proposed structure that would give Porsche SE a blocking minority in the eponymous carmaker. On Sept. 29, shares in Porsche AG start trading on the Frankfurt stock exchange at 84 euros apiece, above the issue price of 82.5 euros.

☆ Porsche AG shares debut at 84 euros
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: 1 min

The opening bell is displayed under a logo of German car manufacturer Porsche prior to Porsche's IPO at the stock exchange in Frankfurt, Germany, September 29, 2022. REUTERS/Kai PfaffenbachBERLIN, Sept 29 (Reuters) - Porsche AG shares debuted at 84 euros ($81.15) on the stock market on Thursday in Germany's biggest initial public offering (IPO) in more than 25 years. Books closed on Wednesday with a final price of 82.50 euros, the carmaker said, at the top end of the 76.50-82.50 euro range it announced earlier this month. Based on that issue price, Porsche AG has a market capitalization of 75 billion euros. read more($1 = 1.0351 euros)Register now for FREE unlimited access to Reuters.com RegisterWriting by Miranda Murray, editing by Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

☆ Smead Capital Management: Predictions of 25% return in equity for Porsche AG
▼ + stars: | 2022-09-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSmead Capital Management: Predictions of 25% return in equity for Porsche AGCole Smead, president and portfolio manager at Smead Capital Management, discusses Porsche's debut on the Frankfurt market.

An employee of German car manufacturer Porsche mounts a steering wheel at the Porsche factory in Stuttgart-Zuffenhausen, Germany, February 19, 2019. REUTERS/Ralph Orlowski/FilesFRANKFURT, Sept 29 (Reuters) - Porsche AG shares will list on the stock market on Thursday after Volkswagen (VOWG_p.DE) priced shares at the top end of the announced range, a sign the luxury brand has lured buyers despite market turmoil. "Porsche was and is the pearl in the Volkswagen Group," Chris-Oliver Schickentanz, chief investment officer at fund manager Capitell, said. "The IPO has now made it very, very transparent what value the market brings to Porsche. Up to 113,875,000 preferred shares, carrying no voting rights, will be sold to investors over the course of the initial public offering.

☆ Porsche shares to be issued at 82.50 eur/shr
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Sept 28 (Reuters) - Shares in Porsche AG will be issued at 82.50 euros per share, the top end of an initial range given earlier this month, parent Volkswagen said on Wednesday. Volkswagen had set the pricing range at 76.50-82.50 euros a share for Porsche AG's initial public offering, and bookmakers earlier this week suggested that the top end of the range will be met. read more read moreShares in Porsche AG will start trading on Frankfurt's stock exchange on Thursday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Christoph Steitz and Akriti Sharma; Editing by Ludwig Burger and Mark PorterOur Standards: The Thomson Reuters Trust Principles.

☆ Porsche IPO books are closed ahead of listing on Thursday - bookrunners
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Sept 28 (Reuters) - The books for Volkswagen's (VOWG_p.DE) listing of Porsche AG are closed, a bookrunner said on Wednesday, in line with the previously announced schedule for the initial public offering taking place on Thursday. Porsche shares are poised to price at the top end of the previously announced range in the listing, bookrunners said earlier this week, potentially valuing the brand at up to 75 billion euros ($71.70 billion) in one of Europe's biggest ever listings. ($1 = 1.0460 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee, Lucy Raitano Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

☆ Indicated demand for shares in Porsche AG exceeds full deal size - bookrunners
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA logo of Porsche is seen outside a Porsche car dealer, amid the coronavirus disease (COVID-19) outbreak in Brussels, Belgium May 28, 2020. Indicated demand exceeded the full deal size, the bookrunners said, with one describing demand as "incredibly robust." Volkswagen (VOWG_p.DE) said this month it would price preferred shares in the flotation of Porsche AG scheduled for this Thursday at 76.50 - 82.50 euros per share, translating into a valuation of 70-75 billion euros. That would leave the luxury carmaker's market capitalisation below some investors' estimates of up to 85 billion euros, but far outstripping the 49-billion-euro price tag for rival BMW (BMWG.DE) and Mercedes-Benz's (MBGn.DE) 61 billion euros. ($1 = 1.0353 euros)Register now for FREE unlimited access to Reuters.com RegisterWriting by Miranda Murray, Reporting by Lucy Raitano, Editing by Victoria WalderseeOur Standards: The Thomson Reuters Trust Principles.

☆ Demand for Porsche AG listing strong as retail investor subscription period begins
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA Porsche Taycan is displayed at a car show in Oslo, Norway, November 10, 2021. Indicated demand for the listing, due to take place on Sept. 29 at the Frankfurt Stock Exchange, exceeds the full deal size, the bookrunning said. It was too early for visibility on retail demand, they added. Total proceeds from the sale will be 18.1-19.5 billion euros and could help Volkswagen fund its electrification drive. Register now for FREE unlimited access to Reuters.com RegisterReporting by Matt Scuffham, Lucy Raitano in London, Victoria Waldersee in Berlin; Editing by Miranda Murray and Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

☆ VW Sets Price Range for Porsche IPO
▼ + stars: | 2022-09-20 | by ( William Boston | ) www.wsj.com time to read: 1 min

BERLIN— Porsche AG shares are set to begin trading Sept. 29 in one of the largest European public listings in years, raising up to $9.4 billion and valuing the sports car maker at as much as $78 billion. Porsche’s parent, German car giant Volkswagen AG priced the public offering of preferred stock in line with average analyst expectations. Combined with a private sale of Porsche ordinary stock to VW’s largest investor, Porsche Automobil Holding SE, the sale of 25% of Porsche could raise €19.5 billion for VW, equivalent to $19.5 billion.

☆ Investors mixed as Porsche seeks price tag of up to $75 billion
▼ + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com time to read: +5 min

Volkswagen said on Sunday it was aiming for a valuation of 70 billion-75 billion euros ($70-75 billion) for Porsche AG, slightly below some estimates of up to 85 billion euros, but far outstripping the 49-billion-euro price tag for rival BMW (BMWG.DE) and Mercedes-Benz's (MBGn.DE) 61 billion euros. "It is fundamentally right that Porsche AG becomes more independent - but this is not an independent set-up." Volkswagen's valuation for Porsche AG is close to its own market capitalisation of 88 billion euros. Analysts have compared Porsche AG stock to Ferrari, which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1-19.5 billion euros and could help Volkswagen fund its electrification drive.

☆ Volkswagen shares dip as it values Porsche at up to $75 bln
▼ + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com time to read: +5 min

"It is fundamentally right that Porsche AG becomes more independent - but this is not an independent set-up." Shares in Porsche SE (PSHG_p.DE), Volkswagen's largest shareholder which will take a big stake in Porsche AG, were 2.42% higher, topping Germany's DAX blue-chip index (.GDAXI). read moreVolkswagen said on Sunday it would price preferred shares in the flotation of Porsche AG at 76.50-82.50 euros per share. Analysts have compared Porsche AG stock to Ferrari (RACE.MI), which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1 billion to 19.5 billion euros.

☆ Volkswagen shares up slightly on Porsche's 70-75 billion euro valuation
▼ + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

The valuation announced on Sunday of 70 billion-75 billion euros is slightly below some investors' estimates of up to 85 billion euros, but still far outstrips the valuation of other German carmakers like BMW's (BMWG.DE) 49 billion euros or Mercedes-Benz' 61 billion. Register now for FREE unlimited access to Reuters.com RegisterIt also comes close to Volkswagen's own market capitalisation of 88 billion euros. Shares in Porsche Holding SE, Volkswagen's largest shareholder, were 3.23% higher, topping Germany's DAX blue-chip index (.GDAXI). Analysts have compared the Porsche AG stock to Ferrari (RACE.MI), which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1 billion to 19.5 billion euros.

☆ Factbox: The structure of the planned Porsche IPO
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +3 min

- Shares in Porsche AG are expected to start trading on Frankfurt's stock exchange on Sept. 29. - Volkswagen's proceeds from the sale of ordinary and preferred shares will be between 18.1 billion and 19.5 billion euros. - Volkswagen AG and Porsche SE will jointly own all of Porsche AG's ordinary shares in a 75% minus one share-25% plus one share split. - Overall, 75% minus one ordinary share of Porsche AG's total share capital will be owned by Volkswagen AG after the IPO. - Porsche SE will own 12.5% plus one ordinary share of Porsche AG's total capital while Qatar will own 2.5%.

☆ Porsche IPO: Volkswagen targets 75 billion euro valuation
▼ + stars: | 2022-09-18 | by ( ) edition.cnn.com time to read: +2 min

Volkswagen is targeting a valuation of up to 75 billion euros ($75.1 billion) for luxury sportscar maker Porsche, it said on Sunday, in what will be Germany’s second-largest initial public offering (IPO) in history. Volkswagen (VLKAF) will price preferred shares in the flotation of Porsche AG at 76.50 euros to 82.50 euros per share, the carmaker said, translating into a valuation of 70 billion to 75 billion euros. As part of the listing, 911 million Porsche AG shares will be divided into 455.5 million preferred shares and 455.5 million ordinary shares. Total proceeds from the sale will be 18.1 billion to 19.5 billion euros. A stock exchange prospectus is expected to be published on Monday, after which institutional and private investors can subscribe to Porsche shares.

Employees of German car manufacturer Porsche install the windshield of a Porsche 911 at the Porsche factory in Stuttgart-Zuffenhausen, Germany, February 19, 2019. Volkswagen will price preferred shares in the flotation of Porsche AG at 76.50 euros to 82.50 euros per share, the carmaker said, translating into a valuation of 70 billion to 75 billion euros. Up to 113,875,000 preferred shares, carrying no voting rights, will be placed with investors over the course of the IPO. Total proceeds from the sale will be 18.1 billion to 19.5 billion euros. A stock exchange prospectus is expected to be published on Monday, after which institutional and private investors can subscribe to Porsche shares.

☆ Volkswagen shares up slightly on Porsche's $70.1 billion to $75.1 billion valuation
▼ + stars: | 2022-09-18 | by ( ) www.cnbc.com time to read: +1 min

Volkswagen shares rose slightly on Monday after the carmaker said it was targeting a valuation of up to 75 billion euros ($74.84 billion) for sportscar brand Porsche, in potentially Europe's third biggest IPO ever. The valuation announced on Sunday of 70 billion-75 billion euros is slightly below some investors' estimates of up to 85 billion euros, but still far outstrips the valuation of other German carmakers like BMW's 49 billion euros or Mercedes-Benz' 61 billion. It also comes close to Volkswagen's own market capitalisation of 88 billion euros. The carmaker saw its shares rise 3% in premarket trade. By 0914 GMT they were only slightly higher at 145.6 euros, from 145.46 at Friday's close, but bucked a drop in European shares.

☆ Volkswagen va primi despăgubiri de 288 milioane de euro de la foștii directori pentru scandalul Dieselgate
▼ + stars: | 2021-06-10 | by ( ) www.jurnal.md time to read: +2 min

Sursa foto: Guliver/Getty ImagesVolkswagen va primi despăgubiri de 288 milioane de euro de la foștii directori pentru scandalul DieselgateVolkswagen va primi despăgubiri în valoare de 288 milioane de euro de la foştii directori pentru scandalul Dieselgate, a anunțat grupul auto german Volkswagen, după ce a ajuns la un acord amiabil cu un grup de patru foşti directori, printre care şi fostul director general Martin Winterkorn. În luna septembrie 2015, Volkswagen, cel mai mare constructor auto mondial, a provocat un şoc după ce a recunoscut că a utilizat un soft care falsifică rezultatele testelor antipoluare ale motoarelor diesel. La o săptămână după declanşarea acestui scandal, Martin Winterkorn, care la acea dată era director general la Volkswagen, şi-a dat demisia. În conformitate cu înţelegerea anunţată miercuri, Martin Winterkorn şi fostul CEO de la divizia Audi, Rupert Stadler, vor plăti despăgubiri în valoare de 11,2 milioane euro, respectiv 4,1 milioane de euro. La aceste sume se adaugă plăţi pentru asigurările încheiate de Volkswagen drept acoperire pentru responsabilitatea foştilor săi manager, plăţi care se ridică la un total de 270 milioane de euro.

Persons: Martin Winterkorn, Rupert Stadler, Stefan Knirsch, Wolfgang Hatz Organizations: Volkswagen, consecinţă, Agerpres, Audi, Porsche AG, Adunarea Generală Locations: justiţie

☆ Volkswagen va primi despăgubiri în valoare de 288 milioane de euro de la foștii directori pentru scandalul Dieselgate
▼ + stars: | 2021-06-09 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +2 min

Volkswagen va primi despăgubiri în valoare de 288 milioane de euro de la foştii directori pentru scandalul Dieselgate, a anunțat grupul auto german Volkswagen, după ce a ajuns la un acord amiabil cu un grup de patru foşti directori, printre care şi fostul director general Martin Winterkorn. În luna septembrie 2015, Volkswagen, cel mai mare constructor auto mondial, a provocat un şoc după ce a recunoscut că a utilizat un soft care falsifică rezultatele testelor antipoluare ale motoarelor diesel. La o săptămână după declanşarea acestui scandal, Martin Winterkorn, care la acea dată era director general la Volkswagen, şi-a dat demisia, scrie digi24.ro. În conformitate cu înţelegerea anunţată miercuri, Martin Winterkorn şi fostul CEO de la divizia Audi, Rupert Stadler, vor plăti despăgubiri în valoare de 11,2 milioane euro, respectiv 4,1 milioane de euro. La aceste sume se adaugă plăţi pentru asigurările încheiate de Volkswagen drept acoperire pentru responsabilitatea foştilor săi manager, plăţi care se ridică la un total de 270 milioane de euro.

Persons: Martin Winterkorn, Rupert Stadler, Stefan Knirsch, Wolfgang Hatz Organizations: Volkswagen, consecinţă, Agerpres, Audi, Porsche AG, Adunarea Generală Locations: justiţie

Search resuls for: "Porsche AG"

24 mentions found