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The long and winding road to the initial public offering of Porsche Volkswagen

The long and winding road to the initial public offering of Porsche Volkswagen
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FRANKFURT (Reuters) – Shares of Porsche, Volkswagen’s sports car brand (ETR:), began trading on Thursday in what marked Germany’s second-largest listing ever as well as a new phase in a sometimes fraught relationship between two car brands dating back to the 1950s. contracts. .

1931

Ferdinand Porsche opened a design office, the first stage of work that would later become the sports car maker.

1938

Porsche, which designed the first Volkswagen Beetle, is overseeing the construction of the first Volkswagen production hall.

1960

The state-owned Volkswagen was privatized, with the federal government and the state of Lower Saxony each taking a 20% stake.

1993

Ferdinand Piech, grandson of Ferdinand Porsche, became CEO of Volkswagen, which means “the people’s car” in German. His revolutionary “platform strategy,” which involves using the same basic design for different models and adding custom components on top, allowed for economies of scale and was credited with saving the company from potential collapse.

2002

Bisch appoints Bernd Bechtsrieder as his successor as CEO and Bisch becomes president of Volkswagen, a position he will hold until 2015.

2005

September – Porsche says it plans to buy a 20% stake in Volkswagen and later emerge with a 10.3% voting share.

November – Porsche’s board of directors authorizes a stake increase to 29.9%, prompting speculation that it plans to take majority control.

2007

April – Porsche makes a mandatory takeover offer of Volkswagen after the 30% limit has been crossed.

2008

March – The Porsche SE board of directors gives the green light to raise its voting share in Volkswagen to more than 50%.

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October – Porsche SE says it owns stock and options that give it control of 74% of Volkswagen’s vote and announces plans for a “dominance” agreement. The resulting scramble for Volkswagen shares by mixed sellers in the announcement briefly made Volkswagen the most valuable company in the world.

2009

January – Porsche SE says it has raised its voting share in Volkswagen to 50.8 per cent and confirms its plan to increase its share to 75 per cent at a later date if conditions permit.

May – Porsche SE drops plan to acquire Volkswagen and says it will instead seek to merge with Europe’s largest automaker. Volkswagen’s boss, Piech, says Porsche must get control of its €9 billion debt before any deal is agreed.

July – Porsche Chairman Wolfgang Porsche, a cousin of Bisch, called an extraordinary meeting of the Supervisory Board on July 23 to discuss a possible sale of a stake in Porsche SE to Qatar worth more than €5 billion. A proposal by Porsche’s board of directors to prepare for a capital increase of at least €5 billion ($5 billion) in cash and/or in-kind contribution, has been approved by the supervisory board, paving the way for the merger with Volkswagen. Porsche SE Wendelin Wiedeking stepped down.

December – Volkswagen says it has bought 49.9 per cent of sports car company Porsche SE at a cost of €3.9 billion.

2010

Jan – A group of investment funds sues Porsche SE and two of its former top executives, accusing them of fraud in a “short squeeze” that caused more than $1 billion in lost money from Porsche’s bid to acquire Volkswagen AG (OTC:) in 2008 .

April – Elliott Associates, LP says the securities fraud case against Porsche SE has increased, it is seeking losses of more than $2 billion, and 18 investment funds have joined the lawsuit.

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October – Car holding company Porsche SE says it may not be absorbed into Volkswagen by the end of 2011, as planned, due to some unresolved legal and tax issues related to the deal, says Martin Winterkorn, chief executive of both companies.

2012

July – Volkswagen agrees to buy the remaining 50.1 percent stake in Porsche AG from Porsche SE for €4.5 billion.

Porsche AG, the automaker, is now wholly owned by Volkswagen AG, while Porsche SE, controlled by the Porsche and Piech families, is Volkswagen’s largest shareholder and holds the majority of the voting rights.

2022

February – Volkswagen and Porsche SE said they are studying a potential initial public offering (IPO) for Porsche AG, under a proposed structure that would give Porsche SE a blocking minority in the namesake automaker.

September – Volkswagen has announced its intention to list the Porsche at the end of September or early October. On September 29, Porsche shares began trading on the Frankfurt Stock Exchange at a price of 84 euros apiece, above the issue price of 82.5 euros.

(1 dollar = 0.9984 euros)

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