Frankfurt, March 16 (Reuters) – Volkswagen’s largest shareholder, Porsche SE, is not considering selling vote shares among Europe’s largest automaker, after the company reported in a newspaper on Sunday that it was weighing the move.
German tabloids use people familiar with the matter to say that Porsche and the PIECH family jointly control Porsche SE is considering divesting stake in Volkswagen to free up other investment capital.
Bild’s report said possible scenarios include reducing shares in Volkswagen’s common stock from the current 53.3% to 45%-50%. According to Reuters’ calculations, this will raise between 1.07 billion and 2.69 billion euros ($1.16 billion – $2.93 billion) at current prices.
“There is no specific consideration at the Porsche SE, and no divestment of Volkswagen shares in 2024,” the holding company said in a statement.
“There has not been discussed with investors in the sale of Volkswagen shares. Porsche SE is committed to its role as a long-time host shareholder of Volkswagen and is convinced of the value-added potential of the Volkswagen Group.”
Volkswagen declined to comment.
Porsche SE owns 31.9% of Volkswagen’s equity and 53.3% of its voting rights, and owns a hindering minority among the countless voted stocks listed in Porsche AG, a luxury sports car manufacturer listed in 2022.
Volkswagen and Porsche are made up of so-called core investments of Porsche SE, and last year’s holding company said it would not rule out “possible reallocation” between the two and smaller portfolio investments in the long run.
Porsche SE revealed a significant damage to its two largest holdings earlier this month, namely €19.9 billion on Volkswagen and €3.4 billion on Porsche AG. ($1 = 0.9192 euros) (Report by Christoph Steitz; Edited by Helen Popper)
