Volkswagen AG said it will continue to explore an initial public offering of the German manufacturer’s Porsche sportscar brand as markets are roiled by Russia’s invasion of Ukraine.
A listing could happen at the earliest in the fourth quarter, VW Chief Financial Officer Arno Antlitz said Friday. The plan comes on the heels of the fighting in Ukraine, which has sparked volatility across world markets and concerns of higher energy prices.
Europe’s largest automaker and its majority shareholder Porsche Automobil Holding SE — the billionaire Porsche and Piech family’s main investment vehicle — confirmed this week they’re in advanced talks about selling shares in the company’s most profitable division. The move would lift VW’s valuation and help fund its shift toward electric cars.
