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September 05, 2022 04:56 AM

Porsche IPO central to funding electrification plans, VW's finance chief says

Porsche's IPO could be central to funding parent VW's electrification plans, the group's CFO, Arno Antlitz, says.

Reuters
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    BERLIN -- Porsche's potential stock market listing is central to funding the automaker's electrification plans, Volkswagen Group's chief financial officer, Arno Antlitz, said, adding that a final decision had not been taken on the flotation.

    VW's management and supervisory boards will meet later on Monday to discuss whether the long-anticipated listing of Porsche should go ahead in late September or early October.

    Antlitz, appointed VW chief operating officer alongside his role as CFO on 1 September when Oliver Blume became group CEO, said in an internal VW interview that preparing the initial public offering had been a key part of his role in recent months.

    "This is a key element for the group, especially because the possible proceeds would give us more flexibility to further accelerate the transformation," Antlitz said in the interview. "However, a decision has not yet been made."

    BLOOMBERG

    Antlitz: "The possible proceeds [of a Porsche IPO] would give us more flexibility to further accelerate the [electrification] transformation."

    It is not clear if VW will make a final decision on Monday, with Porsche SE saying in a statement on Saturday that listing's launch was still subject to further board discussions as well as market developments.

    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 big company valuations are under pressure amid uncertainty created by the Ukraine conflict and record energy costs.

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