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A
decision will also be made on whether Volkswagen approves of the
sale of 25% plus one share of ordinary shares in Porsche AG to
Porsche SE, as laid out in a framework agreement by the two
parties in February.
That would give the Porsche and Piech families, which control
Porsche SE, a blocking minority - a step that would bolster
their push for greater control of the carmaker that was founded
by their ancestor Ferdinand Porsche in 1931.
Porsche SE, which owns 31.4% of Volkswagen and holds 53.3% of
voting rights, confirmed Monday's meeting in a separate
statement, adding that the listing's launch was still subject to
market developments and further board discussions.
Under the framework deal reached in February, 25% of preference
shares will be sold on the open market, equal to just 12.5% of
Porsche's total capital.
Even that could raise up to 10.6 billion euros ($10.55 billion)
if the brand's valuation reaches the higher end of investor
estimates at about 85 billion euros, according to Reuters
calculations.
That would make the listing among the largest in German history
and the biggest in Europe since Enel SpA in 1999, according to
Refinitiv data.
Ordinary shares, which would be solely owned by Volkswagen and
Porsche SE under the plans, would not be publicly listed.
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 the valuations of leading companies have shrunk
amid the instability of war and record energy costs.
"It is becoming increasingly clear that the shareholder families
are putting their interests first," said Henrik Schmidt,
governance expert at Volkswagen investor DWS.
($1 = 1.0049 euros)
(Reporting by Riham Alkousaa and Victoria WalderseeEditing by
Helen Popper)
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