September 26, 2022

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Oil fund will buy Porsche shares for 7.66 billion NOK - E24

Oil fund will buy Porsche shares for 7.66 billion NOK – E24

Oljefondet is one of four key investors when Volkswagen takes luxury car maker Porsche on the stock exchange.

An electric Porsche Taycan photographed at the 2021 Munich Motor Show.
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And the oil fund has subscribed to buy shares worth 750 million euros, equivalent to 7.66 billion Norwegian kroner. This was stated by Volkswagen in connection with the IPO of Porsche on Sunday evening.

Volkswagen announced earlier this month that it would list the luxury car maker Porsche on the stock exchange during September or October. More details about the listing, which will take place on September 29, came on Sunday.

The company expects the share price to be between 76.5 and 82.5 euros, and reports indicate that it will sell up to 113,875,000 shares. Shares offered on the open market do not have voting rights, type CNBC.

According to Bloomberg, this corresponds to a valuation of the company between 70 billion and 75 billion euros, down from its peak when the luxury car brand was valued at 85 billion euros.

The sculpture “Inspiration 911” shows three generations of Porsche 911 sports cars in front of the German luxury car manufacturer Porsche’s headquarters in Stuttgart.

The Volkswagen Group stated in the same announcement that if the listing continues on the stock market, an extraordinary general meeting will be held in December.

There, the company will propose an extraordinary dividend in which 49 percent of the income from the list will be distributed to Volkswagen shareholders.

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We are now on the rise with Porsche’s stock market listing, and we welcome the commitment of our core investors, says Arno Antlitz, director of finance and operations at Volkswagen AG, in a letter Sunday evening.