Volkswagen has defended the timing and structure of the long-awaited listing of its Porsche brand, as it seeks to reassure investors with concerns about corporate governance and the gloomy economic environment.
“There’s a lot of capital in the market and we think that the Porsche IPO could be an icebreaker . . . and show what’s possible,” said Porsche chief executive Oliver Blume, who also took over as VW boss earlier this month.
Blume’s comments came after VW confirmed late on Monday that it intended to float a small portion of Porsche’s shares, with retail investors only being offered non-voting stock.
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