Latest news with #Piech
Yahoo
17-03-2025
- Automotive
- Yahoo
Porsche, Piech Clans Mull Partial Sale of VW Shares, Bild Says
(Bloomberg) -- The billionaire Porsche and Piech family is exploring options to potentially reduce its voting stake in Volkswagen AG, according to a report by German tabloid Bild Zeitung. ICE Eyes Massive California Tent Facility Amid Space Constraints How Britain's Most Bike-Friendly New Town Got Built The Dark Prophet of Car-Clogged Cities Washington, DC, Region Braces for 'Devastating' Cuts from Congress Saving the Signature Sound of Washington, DC The family's main investment vehicle Porsche Automobil Holding SE is discussing lowering its voting stake to 50% or 45%, from currently just over 53%, according to the report, which cites unidentified people familiar with the discussions. There's no agreement within the Porsche and Piech family on a share sale so far and the decision would need 'consensus' within the billionaire clan, the newspaper said. 'There aren't currently any concrete considerations at Porsche SE about sales of VW shares, nor were there any in 2024,' a representative for the holding company said by email. 'There have also been no discussions with investors regarding any sale of VW shares.' Volkswagen shares are split between common stock that carries voting rights and the more widely traded preferred stock, which is listed in Germany's DAX blue-chip index and doesn't carry voting rights. Porsche SE expects an after-tax loss of about €20 billion ($21.8 billion) for fiscal 2024 due to deteriorations in its investment holdings, underscoring the deep strains afflicting some of Europe's top carmakers, it disclosed in a filing earlier this month. That was largely linked to a non-cash impairment of negative €19.9 billion on the carrying value of its investment in VW. Nvidia Looks Past DeepSeek and Tariffs for AI's Next Chapter How America Got Hooked on H Mart How Trump's 'No Tax on Tips' Could Backfire for the Working Class College Presidents on Trump, Tuition and Universities Under Pressure As China's Birth Rate Drops, Pampered Pets Reap the Benefits ©2025 Bloomberg L.P.
Yahoo
16-03-2025
- Automotive
- Yahoo
Porsche SE says it is not considering sale of Volkswagen shares
FRANKFURT (Reuters) - Porsche SE, Volkswagen's biggest shareholder, is not considering selling voting shares in Europe's largest carmaker, the holding firm said on Sunday following a newspaper report that it was weighing such a move. German tabloid Bild, citing people familiar with the matter, said the Porsche and Piech families that jointly control Porsche SE were considering divesting shares in Volkswagen to free up capital for other investments. Bild's report said possible scenarios include reducing the stake in Volkswagen's ordinary shares to 45%-50%, from 53.3% at present. According to Reuters calculations, that would raise 1.07 billion to 2.69 billion euros ($1.16 billion-$2.93 billion) at current prices. "At Porsche SE there are currently no concrete considerations, nor were there in the course of 2024, to divest VW shares," the holding firm said in a statement, adding that any plans to sell VW shares would have to be reported in its accounts. "There have also been no discussions with investors regarding the sale of VW shares. Porsche SE is committed to its role as a long-term anchor shareholder of Volkswagen AG and is convinced of the Volkswagen Group's potential for increasing value." Volkswagen declined to comment. Porsche SE owns 31.9% of Volkswagen's equity and 53.3% of its voting rights, and holds a blocking minority in the untraded voting shares in Porsche AG, the luxury sportscar maker that was listed in 2022. Volkswagen and Porsche form Porsche SE's so-called core investments, and the holding firm last year said that in the long-term it would not rule out "a possible reallocation" between the two as well as its smaller portfolio investments. Porsche SE earlier this month disclosed substantial impairments on its two biggest holdings, 19.9 billion euros on Volkswagen and 3.4 billion euros on Porsche AG. ($1 = 0.9192 euros) Sign in to access your portfolio
Yahoo
16-03-2025
- Automotive
- Yahoo
Porsche SE says it is not considering sale of Volkswagen shares
FRANKFURT (Reuters) - Porsche SE, Volkswagen's biggest shareholder, is not considering selling voting shares in Europe's largest carmaker, the holding firm said on Sunday following a newspaper report that it was weighing such a move. German tabloid Bild, citing people familiar with the matter, said the Porsche and Piech families that jointly control Porsche SE were considering divesting shares in Volkswagen to free up capital for other investments. Bild's report said possible scenarios include reducing the stake in Volkswagen's ordinary shares to 45%-50%, from 53.3% at present. According to Reuters calculations, that would raise 1.07 billion to 2.69 billion euros ($1.16 billion-$2.93 billion) at current prices. "At Porsche SE there are currently no concrete considerations, nor were there in the course of 2024, to divest VW shares," the holding firm said in a statement, adding that any plans to sell VW shares would have to be reported in its accounts. "There have also been no discussions with investors regarding the sale of VW shares. Porsche SE is committed to its role as a long-term anchor shareholder of Volkswagen AG and is convinced of the Volkswagen Group's potential for increasing value." Volkswagen declined to comment. Porsche SE owns 31.9% of Volkswagen's equity and 53.3% of its voting rights, and holds a blocking minority in the untraded voting shares in Porsche AG, the luxury sportscar maker that was listed in 2022. Volkswagen and Porsche form Porsche SE's so-called core investments, and the holding firm last year said that in the long-term it would not rule out "a possible reallocation" between the two as well as its smaller portfolio investments. Porsche SE earlier this month disclosed substantial impairments on its two biggest holdings, 19.9 billion euros on Volkswagen and 3.4 billion euros on Porsche AG. ($1 = 0.9192 euros)
Bloomberg
16-03-2025
- Automotive
- Bloomberg
Porsche, Piech Clans Mull Partial Sale of VW Shares, Bild Says
The billionaire Porsche and Piech family is exploring options to potentially reduce its voting stake in Volkswagen AG, according to a report by German tabloid Bild Zeitung. The family's main investment vehicle Porsche Automobil Holding SE is discussing lowering its voting stake to 50% or 45%, from currently just over 53%, according to the report, which cites unidentified people familiar with the discussions. There's no agreement within the Porsche and Piech family on a share sale so far and the decision would need 'consensus' within the billionaire clan, the newspaper said.
Reuters
16-03-2025
- Automotive
- Reuters
Porsche SE says it is not considering sale of Volkswagen shares
FRANKFURT, March 16 (Reuters) - Porsche SE (PSHG_p.DE), opens new tab, Volkswagen's biggest shareholder, is not considering selling voting shares in Europe's largest carmaker, the holding firm said on Sunday following a newspaper report that it was weighing such a move. German tabloid Bild, citing people familiar with the matter, said the Porsche and Piech families that jointly control Porsche SE were considering divesting shares in Volkswagen to free up capital for other investments. here. Bild's report said possible scenarios include reducing the stake in Volkswagen's ordinary shares ( opens new tab to 45%-50%, from 53.3% at present. According to Reuters calculations, that would raise 1.07 billion to 2.69 billion euros ($1.16 billion-$2.93 billion) at current prices. "At Porsche SE there are currently no concrete considerations, nor were there in the course of 2024, to divest VW shares," the holding firm said in a statement, adding that any plans to sell VW shares would have to be reported in its accounts. "There have also been no discussions with investors regarding the sale of VW shares. Porsche SE is committed to its role as a long-term anchor shareholder of Volkswagen AG and is convinced of the Volkswagen Group's potential for increasing value." Volkswagen declined to comment. Porsche SE owns 31.9% of Volkswagen's equity and 53.3% of its voting rights, and holds a blocking minority in the untraded voting shares in Porsche AG (P911_p.DE), opens new tab, the luxury sportscar maker that was listed in 2022. Volkswagen and Porsche form Porsche SE's so-called core investments, and the holding firm last year said that in the long-term it would not rule out "a possible reallocation" between the two as well as its smaller portfolio investments. Porsche SE earlier this month disclosed substantial impairments on its two biggest holdings, 19.9 billion euros on Volkswagen and 3.4 billion euros on Porsche AG. ($1 = 0.9192 euros)
