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Top Volkswagen shareholder Porsche Automobil Holding supports plans to list luxury sports car maker Porsche but the conflict in Ukraine could affect the timing of the proposed initial public offering, the holding company said on Tuesday.
Volkswagen aims to conduct the Porsche IPO in the fourth quarter of 2022, though that may change if the conflict in Ukraine drags on, Porsche Automobil Holding's finance chief said.
"We cannot rule out, if the conflict lasts a longer time, that this could have potential implications on the listing," Johannes Lattwein told a news conference, without elaborating on how it would affect plans.
No final decision has been made on the proposed IPO, the company said.
A framework agreement for the listing proposed by Volkswagen in February includes selling 25 per cent plus 1 ordinary share in the car maker to Porsche Automobil Holding as well as listing up to 25 per cent of Porsche's preferred stock.
Some 49 per cent of the IPO proceeds would be paid out to Volkswagen's shareholders as a special dividend.
"Porsche Automobil Holding thereby supports the plans of Volkswagen to expand its financial flexibility and accelerate the technological transformation of the group," it said in a statement reporting its annual results.
We cannot rule out, if the conflict lasts a longer time, that this could have potential implications on the listing
Johannes Lattwein,
chief financial officer of Porsche Automobil Holding
"Due to the leading positioning of Porsche in the sport and luxury segment, this attractive investment would diversify our portfolio and our dividend inflows," Mr Lattwein said.
Porsche Automobil Holding, which is controlled by the Porsche and Piech families and holds a 31.4 per cent equity stake in Volkswagen, has no plans to reduce its stake in the German car maker, Hans Poetsch, chief executive of the company and chairman of VW’s supervisory board, said.
The IPO would also not affect the composition of the Volkswagen supervisory board.
Porsche Automobil Holding reported a 2021 group result after tax of €4.6 billion ($5.06bn). It forecast group results after tax in 2022 at between €4.1bn and €6.1bn, not including the impact of the possible Porsche IPO.
FIXTURES
Nov 04-05: v Western Australia XI, Perth
Nov 08-11: v Cricket Australia XI, Adelaide
Nov 15-18 v Cricket Australia XI, Townsville (d/n)
Nov 23-27: 1ST TEST v AUSTRALIA, Brisbane
Dec 02-06: 2ND TEST v AUSTRALIA, Adelaide (d/n)
Dec 09-10: v Cricket Australia XI, Perth
Dec 14-18: 3RD TEST v AUSTRALIA, Perth
Dec 26-30 4TH TEST v AUSTRALIA, Melbourne
Jan 04-08: 5TH TEST v AUSTRALIA, Sydney
Note: d/n = day/night
UAE currency: the story behind the money in your pockets
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Squads
Australia: Finch (c), Agar, Behrendorff, Carey, Coulter-Nile, Lynn, McDermott, Maxwell, Short, Stanlake, Stoinis, Tye, Zampa
India: Kohli (c), Khaleel, Bumrah, Chahal, Dhawan, Shreyas, Karthik, Kuldeep, Bhuvneshwar, Pandey, Krunal, Pant, Rahul, Sundar, Umesh
Calls
Directed by: Fede Alvarez
Starring: Pedro Pascal, Karen Gillian, Aaron Taylor-Johnson
4/5
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Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
