Porsche is planning a massive IPO in the coming weeks.
The iconic Porsche brand is officially going public despite stomach-churning stock market turbulence that's frozen out other big deals.
Volkswagen (VLKAF) first started looking at spinning off the high-performance automaker in February, just as Russia's invasion of Ukraine jolted investors.
In a statement late on Monday, Volkswagen said it had decided to press ahead with the initial public offering later this month or in early October, "subject to further capital market developments."
Up to 12.5% of Porsche will be offered to investors in the form of preference shares, with nearly half of the proceeds "of a successful IPO" to be distributed to Volkswagen shareholders in the form of a special dividend, the company added.
Volkswagen has also said it plans to use the proceeds from the IPO to bolster its efforts to build more electric vehicles. The company intends to dole out €89 billion ($88.4 billion) over the next five years on developing EVs, about half of its planned spending in that time. It wants EVs to represent a quarter of sales by the end of 2026.
Reuters has reported the initial public offering could value Porsche as high as €85 billion ($84.4 billion), and that Volkswagen could raise more than €10.5 billion ($10.4 billion). That would set it up to be one of Europe's biggest IPOs ever, according to data from Dealogic.
The blockbuster listing will go ahead even as recession fears, soaring energy prices in Europe and uncertainty about plans by central banks to slow inflation roil markets. That's slowed most dealmaking to a crawl, as companies wait for more certainty before pursuing mergers or public offerings.
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What experts have to say about Liz Truus and Joe Biden!
According to experts, the new British Prime Minister may oppose Biden on Brexit and Iran issues.
At a time of major geopolitical upheaval, experts predict that new United Kingdom Prime Minister Liz Truss will take a more forceful approach to British foreign policy, including relations with the United States.
Truss, the Foreign Secretary of the Conservative Party, is expected to take a hawkish stance toward both Russia and China. She is also expected to highlight the special relationship between the United Kingdom and the United States, as her predecessor, Prime Minister Boris Johnson, did.
However, in the midst of transatlantic tensions over trade and Brexit, Truss may be willing to push back harder against the US and President Biden on some issues.
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CRIME 10 dead, 15 hospitalized in Canada mass stabbing attacks, police say
Police in Canada searched across the vast province of Saskatchewan for two suspects suspected of stabbing to death ten people in an Indigenous community and a nearby town in one of the country's deadliest mass killings.
The suspects also injured 15 people in a series of knife attacks that prompted the James Smith Cree Nation to declare a state of emergency and jolted residents of Weldon, a nearby village.
"No one in this town will ever sleep again." They're going to be terrified to open their door,′′ said Ruby Works, a Weldon resident who was close to one of the victims.
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How to Detox and Cleanse Your Body for Better Health
1. How to Lose Weight Fast By Detoxing on a Daily Basis!
2. How to Detox Fast and Cleanse Your Body for Health
3. How to Lose Weight Fast and Keep It Off – Detox Tips and Tricks
4. How to Lose Weight Fast and Keep It Off with a Detox Diet
5. How to Lose Weight Fast and Keep It Off with a Clean Eating Plan
Detoxification, or detox, is the process of removing toxic substances from the body. Diets that claim to achieve a full detox in a matter of days have been around for decades, and several methods exist. While not scientifically proven to remove any toxins from the human body, many people claim feeling more focused and energetic during and after detox diets, most likely because of avoiding processed foods.
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