EQS-Adhoc: VOLKSWAGEN AKTIENGESELLSCHAFT: Executive Board and Supervisory Board determine placement price of the preferred shares for IPO of Dr. Ing. h.c. F. Porsche AG

Executive Board and Supervisory Board determine placement price of the preferred shares for IPO of Dr. Ing. h.c. F. Porsche AG

Volkswagen AG had announced on 5 September 2022 that the Executive Board, with the approval of the Supervisory Board, had decided to launch an IPO of the preferred shares in Dr. Ing. h.c. F. Porsche AG it is subject to further capital market developments at the end of September / beginning of October 2022 ("intention to float") and to implement it by the end of the year, in the context of which a total of up to 25 % of the preferred shares in Dr. Ing. h.c. F. Porsche AG from the portfolio of Volkswagen AG would be placed with investors. Furthermore, Volkswagen AG had announced on 18 September 2022 that the Executive Board, with the approval of the Supervisory Board, set a placement price range for the preferred shares in Dr. Ing. h.c. F. Porsche AG from EUR 76.50 to EUR 82.50 per preferred share.

Now, Volkswagen AG, in consultation with the advising banks, set the placement price of the preferred shares in Dr. Ing. h.c. F. Porsche AG to be EUR 82.50 per preferred share. In total, 25 % of the preferred shares in Dr. Ing. h.c. F. Porsche AG from the portfolio of Volkswagen AG will be placed with investors. This is equal to a total volume of 113,875,000 preferred shares (including 14,853,260 preferred shares to cover over-allotments (Mehrzuteilungen)). If the Greenshoe Option is exercised in full by placing the preferred shares, Volkswagen AG will generate gross proceeds in the amount of approximately EUR 9.4 bn.

The shares in Dr. Ing. h.c. F. Porsche AG are expected to be traded on the Regulated Market of the Frankfurt Stock Exchange (Prime Standard) under the ticker symbol P911 GY (Xetra) as of 29 September 2022. The International Securities Identification Number (ISIN) is DE000PAG9113 and the German Securities Identification Code (Wertpapierkennnummer WKN) PAG911.

Furthermore, with respect to the sale of 25 % plus one share of the ordinary share capital in Dr. Ing. h.c. F. Porsche AG to Porsche Automobil Holding SE intended in connection with the IPO, Volkswagen AG would generate gross proceeds in the amount of approximately EUR 10.1 bn.

Volkswagen AG will convene an extraordinary general meeting in December 2022, at which it will propose to its shareholders to distribute in the beginning of 2023 a special dividend of 49 % of the total gross proceeds from the placement of the preferred shares and the sale of the ordinary shares. This amount is divided equally among  the 501,295,263 total outstanding ordinary and preferred shares of Volkswagen AG.

Rolf Woller

Head of Group Treasury and Investor Relations