Porsche SE expects to write down its stake in Volkswagen by up to 40 per cent, as the uncertainty over potential plant closures and strikes forced Europe’s largest carmaker to withhold its annual financial plan.
The Porsche-Piëch family’s holding company on Friday said it expected to write down the value of its stake in VW by between €7bn and €20bn, as the lack of financial data from the company meant it had to rely on analyst expectations.
For the same reasons, it expected to write down its stake in sports car maker Porsche AG, which was partially listed in 2022, by €1bn to €2bn.
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