Volkswagen was nearing the finish line Wednesday as it readied the sale of shares in luxury carmaker Porsche ahead of an expected market listing that will rank among the largest such offerings in European history.
The transaction values Porsche as a whole at around 75 billion euros, compared with 86 billion euros for all of Volkswagen, including Porsche and its nine other auto brands, before the deal.
Volkswagen “wanted to get rid of the so-called conglomerate discount,” Grote said. “So much value is buried in these large firms that any time there is news that they are going to disentangle them, the share price increases.”Competitor Daimler did something similar by spinning off its truck business from its Mercedes-Benz luxury car business, and pharmaceutical and chemical company Bayer did the same with its polyurethane and polycarbonate materials division, now Covestro, he said.
The state investment funds of Qatar, Norway and Abu Dhabi have already agreed to take stakes, along with money manager T. Rowe Price.
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