Porsche SE Says VW Holding Steady as Investors Back Bullish View
(Bloomberg) -- Porsche Automobil Holding SE supports Volkswagen AG’s 73-billion-euro ($87 billion) overhaul to turn the German industrial giant into an electric-car and software leader and sees its recent stock surge as validation.
Other market participants have adopted Porsche SE’s view, a spokesman for the Porsche and Piech billionaire family’s holding firm said by phone Tuesday. The company’s shareholding in VW hasn’t changed, he said.
A year ago, Porsche SE lifted its voting stake in Europe’s largest automaker by 0.2% to 53.3% in a deal worth 81 million euros, according to its annual report published earlier Tuesday. “We remain convinced that the Volkswagen group has vast potential for increasing value,” it said in the report. The spokesman declined to say whether last year’s announcement that Porsche SE would consider adding to its VW common shareholdings remains valid.
Porsche SE’s main asset is the majority stake in VW. It doesn’t have an operating business any more after the namesake sports-car operation was folded into VW group following a failed attempt to take over its much larger peer.
More than half of Porsche SE’s listed preference shares, which don’t carry voting rights, are held by institutional investors that are mostly based outside Germany, according to the annual report. The private investors are largely based in Germany. All voting stock in Porsche SE is controlled by the Porsche and Piech owner family.
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