Freshfields advises Porsche Automobil Holding SE on the potential IPO of Dr. Ing. h.c. F. Porsche AG
Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) advises the Board of Management of Porsche Automobil Holding SE ('Porsche SE') with regard to the discussions held with Volkswagen AG about a potential IPO of Dr. Ing. h.c. F. Porsche AG ('Porsche AG') and the framework (cornerstone) agreement concluded between Porsche SE and Volkswagen AG in this respect.
According to the current status of discussions, in case of an IPO, the share capital of Porsche AG will be divided into 50 per cent preferred shares (Vorzugsaktien) and 50 per cent ordinary shares (Stammaktien), with approximately 25 per cent of the preferred shares being placed in the capital market. In connection with the potential IPO, Porsche SE would acquire 25per cent plus one share of the ordinary shares of Porsche AG from Volkswagen AG. Volkswagen AG would use the proceeds from the potential IPO to finance the industrial and technological transformation of the Volkswagen group as well as further growth.
The actual implementation of the transaction depends on various parameters, including general market conditions. Final decisions are yet to be made. The implementation of the agreements reached in the framework (cornerstone) agreement is also subject to several conditions, including final approval by the boards of both parties.
The Freshfields team is led by Partner Stephan Waldhausen. It includes Principal Associate Arne Krawinkel, Associates Constanze Roth and Kevin Jansen (all Corporate), Partner Konrad Gröller (Corporate, Vienna), Partner Klaus-Stefan Hohenstatt, Associate Hubertus Reinbach (both People & Reward), Partner Christoph Gleske (Equity Capital Markets), Partner Marcel Kaufmann (Regulatory) and Partner Peter Niggemann (Antitrust).