Porsche AG's Meschke: advantages of IPO have been laid out

Volkswagen luxury unit Porsche AG is open to the idea of a potential stock market listing, with finance chief Lutz Meschke saying the advantages of such a move had been laid out.

"The decision has to be made by the Volkswagen management and supervisory board. We have largely discussed the advantages of such an initial public offering or listing already," Meschke said at Porsche AG's annual media conference.Faced with tens of billions of costs for a radical shift towards electric mobility and software, Volkswagen is mulling a listing of Porsche, sources said last month, also with a view to lifting the value of the world's No.2 carmaker.

However, Volkswagen Chief Executive Herbert Diess earlier this week said that Porsche, which contributed 42per cent to Volkswagen's operating profit in 2020, was vital to funding the group's turnaround. Commenting on the future of Volkswagen unit Bugatti, Meschke said there was a good fit with Croatian electric hypercar maker Rimac Automobili, in which Porsche has a 24per cent stake.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Source: BusinessTimes - 🏆 15. / 51 Read more »

Asia accelerates AstraZeneca COVID-19 vaccine roll-outs, even as trust plunges in EuropeTAIPEI: Many Asian countries are accelerating the roll-out of AstraZeneca's COVID-19 vaccine after confidence in its safety was hit, following ... Why Singapore still no AZ vaccine.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Rugby-Red card replacements, goal-line drop-outs retained for Trans-Tasman competitionMELBOURNE: Australia and New Zealand have agreed to retain replacements for red-carded players and goal-line drop-outs in the Super Rugby ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

CIMB Singapore retrenches employees in latest restructuring exercise at bankSINGAPORE — CIMB Singapore is laying off employees following a review of its business here.
Source: TODAYonline - 🏆 1. / 99 Read more »

Home advantage persists in football even without fans: StudyEven with spectators absent from matches during the Covid-19 pandemic, European professional football teams playing on their home ground enjoy a ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »