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

Asked on Porsche IPO, VW CEO says we have to 'consider' tapping markets
Asked on Porsche IPO, VW CEO says we have to 'consider' tapping markets   -   Copyright  Thomson Reuters 2021
By Reuters

FRANKFURT – Volkswagen 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%.

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)