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Ukrainian President Zelensky: Intelligence sharing between Ukraine and the United States has resumed operation.Global Chip LOF: Trading in this fund will be suspended from the opening of the market on October 19, 2026, and will resume at 10:30 on October 19, 2026.On October 18, Ukrainian President Volodymyr Zelenskyy posted on social media that Russian forces attacked substations in Vinnytsia, Zhytomyr, Khmelnytskyi, and Odessa regions on the evening of October 17, causing power outages for tens of thousands of households. In addition, the Russian airstrikes that evening resulted in two deaths and 12 injuries. Zelenskyy stated that in the week since US President Trump declared an "energy ceasefire" between Russia and Ukraine, Russia has launched 76 attacks on Ukrainian power, oil, and gas facilities. Over the past week, the Russian military has launched 2,700 attack drones, more than 1,700 aerial bombs, and 66 missiles into Ukraine, primarily targeting Ukrainian energy facilities. He called on the US to put pressure on Russia. According to official Ukrainian statements and energy company announcements on social media on the morning of October 18, from the evening of October 17 to the early morning of October 18, Russian forces launched airstrikes on energy facilities in multiple Ukrainian regions, causing emergency power outages in Kyiv, Kyiv Oblast, Odessa Oblast, Ternopil Oblast, and other areas.The Saudi Civil Defense Authority has lifted the emergency alert for Najran.The Saudi Civil Defense Authority issued an emergency alert in Najran.

Volkswagen wants 75 billion euro valuation in blockbuster Porsche IPO

Charlie Brooks

Sep 19, 2022 10:42

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Volkswagen revealed on Sunday that it aims to value premium sports car maker Porsche at up to 75 billion euros ($75,1 billion) in what will be Germany's second-largest initial public offering (IPO) in history.


Volkswagen (ETR:VOWG p) will price preferred shares in the float of Porsche AG between 76.50 and 82.20 euros per share, the manufacturer revealed, which corresponds to a valuation between 70 billion and 75 billion euros.


At the upper end of the range previously reported by Reuters, according to Refinitiv figures, it would be the third largest IPO in Europe's history. Volkswagen said that trading on the Frankfurt Stock Exchange will resume on September 29.


In conjunction with the IPO, 911,000,000 Porsche AG shares will be divided into 455.5,000,000 preferred shares and 455.5,000,000 common shares. During the IPO, investors will get up to 113,875,000 shares of preferred stock without voting rights.


Volkswagen stated that sovereign wealth funds from Qatar, Abu Dhabi, and Norway, along with mutual fund company T. Rowe Price, will purchase up to 3.68 billion euros in preferred shares as cornerstone investors.


Volkswagen's Chief Financial Officer and Chief Operating Officer, Arno Antlitz, commented, "We are in the final stages of planning Porsche's initial public offering, and we appreciate the commitment of our cornerstone investors."


Porsche SE will obtain 25% plus one ordinary share in the sports car brand, which do carry voting rights, for the price of the preferred shares plus a 7.5% premium.


According to a second release, Porsche SE, the holding firm controlled by the Porsche and Piech families, would finance the acquisition of the ordinary shares with up to 7.9 billion euros in borrowed cash.


Between 18,1 and 19,5 billion euros will be realized from the transaction. Volkswagen will propose distributing 49% of total profits as a special dividend to shareholders in early 2023 if the IPO is successful, and will host an extraordinary shareholder meeting in December.


On Monday, following the release of a stock market prospectus, institutional and individual investors will be able to subscribe for Porsche shares.

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