Volkswagen investors split on whether Porsche IPO should move forward or not

Porsche CEO Oliver Blume will be replacing Herbert Diess as the new CEO from September 1st. Porsche's IPO date could be around end of the third quarter or early in the fourth quarter.
By : Reuters
| Updated on: 26 Jul 2022, 14:32 PM
Oliver Blume, new CEO of the Volkswagen Group, is seen addressing a summit as CEO of luxury car manufacturer Porsche in Germany in 2021. (File Photo) (REUTERS)
Oliver Blume, new CEO of the Volkswagen Group, is seen addressing a summit as CEO of luxury car manufacturer Porsche in Germany in 2021. (File Photo) (REUTERS)
Oliver Blume, new CEO of the Volkswagen Group, is seen addressing a summit as CEO of luxury car manufacturer Porsche in Germany in 2021. (File Photo) (REUTERS)
Oliver Blume, new CEO of the Volkswagen Group, is seen addressing a summit as CEO of luxury car manufacturer Porsche in Germany in 2021. (File Photo)

Volkswagen investors polled by Bernstein Research were split on whether an IPO of sportscar brand Porsche should go ahead after Friday's announcement of a leadership change at the helm of Europe's top carmaker, results showed on Tuesday.

In the poll of 58 investors conducted Sunday to Monday, 42% were in favour of a listing of Porsche AG and 41% against.

Nearly three quarters of investors polled viewed soon-to-be Chief Executive Oliver Blume's dual role leading the Group and Porsche as negative for the prospects of the listing, echoing comments by multiple investors to Reuters on Monday who highlighted that the IPO was pegged as a means to secure more independence and freedom for the sportscar brand.

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Volkswagen's supervisory board voted on Friday to oust chief executive Herbert Diess, to be replaced by Porsche chief Oliver Blume from Sept. 1, after a tumultuous tenure marked by the carmaker's transition to electrification and multiple clashes between Diess and the works council and board.

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Some 63% of investors polled by Bernstein voiced concerns that Diess' surprise departure would weigh on stock performance, while 22% thought it could improve it. 

First Published Date: 26 Jul 2022, 14:14 PM IST
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