Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Asked on Porsche IPO, VW CEO says we have to 'consider' tapping markets

Published 07/29/2021, 10:10 AM
Updated 07/29/2021, 10:16 AM
© Reuters. FILE PHOTO: A Porsche Cayman GT4 car is seen at Brussels Motor Show, Belgium, January 9, 2020. REUTERS/Francois Lenoir/File Photo

© Reuters. FILE PHOTO: A Porsche Cayman GT4 car is seen at Brussels Motor Show, Belgium, January 9, 2020. REUTERS/Francois Lenoir/File Photo

FRANKFURT (Reuters) - Volkswagen (DE:VOWG_p) boss Herbert Diess on Thursday dodged questions about a potential initial public offering of Porsche AG, saying only that any steps to tap capital markets would have to be carefully considered.

"As I said, we continue to review our set up. First priority is now to finance the battery ramp-up where we try to partly externally finance and we are working out the models," Diess told analysts after presenting first-half results.

"And all the other, let say, possibilities to go to market, which might be trucks, where we could dilute a little bit ... or any other things, we have to consider."

Volkswagen still owns 89.72% of Traton, the trucks unit it listed in 2019.

His remarks came a day after Volkswagen unveiled a bid to buy Europcar jointly with Attestor and Pon Holdings via vehicle called Green Mobility Holding. Volkswagen will hold two thirds of the bid vehicle, with Attestor owning 27% and Pon Holding 7%.

© Reuters. FILE PHOTO: A Porsche Cayman GT4 car is seen at Brussels Motor Show, Belgium, January 9, 2020. REUTERS/Francois Lenoir/File Photo

Volkswagen said that its stake in the vehicle will mean that it will contribute 1.688 billion euros ($2.01 billion) to the offer if it passes a 90% acceptance threshold.

($1 = 0.8418 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.