Ukraine conflict could affect timing of Porsche IPO
Top Volkswagen shareholder Porsche Automobil Holding supports plans to list luxury sports car maker Porsche but the conflict in Ukraine could affect the timing of the proposed initial public offering, the holding company said on Tuesday. Volkswagen aims to conduct the Porsche IPO in the fourth quarter of 2022, though that may change if the conflict in Ukraine drags on, Porsche Automobil Holding's finance chief said. "We cannot rule out, if the conflict lasts a longer time, that this could have potential implications on the listing," Johannes Lattwein told a news conference, without elaborating on how it would affect plans. No final decision has been made on the proposed IPO, the company said. A framework agreement for the listing proposed by Volkswagen in February includes selling 25 per cent plus 1 ordinary share in the car maker to Porsche Automobil Holding as well as listing up to 25 per cent of Porsche's preferred stock. Volkswagen aims to conduct the Porsche IPO...