NEWS

Why Porsche's IPO Changes Little About the Company

— Eddie

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Volkswagen intends to launch a Porsche IPO by the beginning of October

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VW is selling 25% of the sports car brand. Half of the shares would not be eligible to vote.

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The remaining shares will be sold to members of the Porsche family. The share sale is expected to generate anywhere from 60 billion to 85 billion euros.

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The Porsche family's history with Volkswagen and Porsche predates both automakers

Ferdinand Porsche created the first Volkswagen for Adolf Hitler in 1938 and founded the sports car company that bears his name in 1948

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 In 2005, Porsche SE, then an independent automaker run by Wolfgang Porsche, Ferdinand's grandson, bought 50.8% of Volkswagen AG in aborted takeover attempt

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Ferdinand's other grandson Ferdinand Piech, then Volkswagen CEO, turned the tables on his cousin

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Volkswagen AG (ADR) has listed its shares on the Frankfurt Stock Exchange for the first time

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 For Wolfgang Porsche, the move can help heal old wounds inflicted by his cousin Ferdinand Piech

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At its heart, it remains a family business as both companies were created by the same family

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