A rain of money for Volkswagen shareholders: At the beginning of January, the Wolfsburg-based car manufacturer distributed an additional 9.55 billion euros to its shareholders, mainly to the Porsche and Beech families. Volkswagen is proposing a special dividend of €19.06 per share, according to the call for its December 16 extraordinary general meeting in Berlin published on Friday.
As promised, the group is passing on 49 percent of the income from the successful initial public offering of sports car subsidiary Porsche AG. The family holding company Porsche SE, which is controlled by the grandchildren of the founder Ferdinand Porsche, can count on three billion euros, which it intends to invest immediately in additional common shares in Porsche AG.
The special dividend is due on January 9, 2023, as mentioned in the Ordinary General Assembly call. Distribution is the prerequisite for Porsche SE to increase its ordinary stake in Porsche AG from 17.5 percent to 25 percent. Financially, it’s a zero-sum game: The 7.5 percent package the holding company gets from Volkswagen costs as much as it earns in dividends. Porsche SE financed the first tranche with debt. Thus families regain direct access to the Stuttgart sports car plant, which they had to sell after the failed takeover of Volkswagen.
Shareholder approval is a formality: Porsche AG owns the majority of common shares with voting rights.
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