(Bloomberg) — The billionaire Porsche and Piech family is exploring options to potentially reduce its voting stake in Volkswagen AG, according to a report by German tabloid Bild Zeitung.
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The family’s main investment vehicle Porsche Automobil Holding SE is discussing lowering its voting stake to 50% or 45%, from currently just over 53%, according to the report, which cites unidentified people familiar with the discussions. There’s no agreement within the Porsche and Piech family on a share sale so far and the decision would need “consensus” within the billionaire clan, the newspaper said.
“There aren’t currently any concrete considerations at Porsche SE about sales of VW shares, nor were there any in 2024,” a representative for the holding company said by email. “There have also been no discussions with investors regarding any sale of VW shares.”
Volkswagen shares are split between common stock that carries voting rights and the more widely traded preferred stock, which is listed in Germany’s DAX blue-chip index and doesn’t carry voting rights.
Porsche SE expects an after-tax loss of about €20 billion ($21.8 billion) for fiscal 2024 due to deteriorations in its investment holdings, underscoring the deep strains afflicting some of Europe’s top carmakers, it disclosed in a filing earlier this month. That was largely linked to a non-cash impairment of negative €19.9 billion on the carrying value of its investment in VW.
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