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On January 10, Yonhap News Agency reported that South Korean Defense Minister Ahn Gyu-baek stated regarding the allegation of a South Korean drone violating North Korean airspace that this was "absolutely not true," and that the drone shown in the publicly released photos by North Korea was not a type owned by the South Korean military. He also indicated that a joint inter-Korean investigation could be conducted into the matter.On January 10th, the U.S. Department of Agriculture announced on the 9th that it was immediately suspending all federal funding to Minnesota due to a large-scale fraud investigation in the state. U.S. Agriculture Secretary Brooke Rawlings posted on social media: "The Trump Administration has uncovered a massive fraud in Minnesota and Minneapolis—billions of dollars have been misappropriated by fraudsters. The U.S. Department of Agriculture is immediately suspending all federal funding to Minnesota until there is sufficient evidence that the fraud has ceased."NASA plans to separate and dock SpaceX Crew 11 with the International Space Station no earlier than 5 p.m. ET on January 14 (6 a.m. Beijing time on January 15).On January 10th, Trump posted on social media: "I hereby declare that we will not tolerate the American public being ripped off by credit card companies charging 20% to 30% or even higher interest rates, a practice that was rampant during the sleepy Joe Biden administration. It must be affordable! Starting January 20, 2026, as President of the United States, I will implement a one-year cap on credit card interest rates at 10%." Its worth noting that this date coincides with the one-year anniversary of the "historic and extremely successful" Trump administration.On January 10th, Trump stated on social media that mortgage rates have now dropped to 5.7%! He explained that mortgage costs during Bidens presidency were extremely high (approximately 8%), making homeownership unaffordable for almost any young family. Through his housing affordability policies and after authorizing Fannie Mae and Freddie Mac to use cash to purchase $200 billion in mortgage-backed securities, mortgage rates have fallen to 5.7%. This is a significant benefit for American families, providing substantial relief. He emphasized that they are lowering housing costs and putting Americans first!

Volkswagen wants 75 billion euro valuation in blockbuster Porsche IPO

Charlie Brooks

Sep 19, 2022 10:42

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Volkswagen revealed on Sunday that it aims to value premium sports car maker Porsche at up to 75 billion euros ($75,1 billion) in what will be Germany's second-largest initial public offering (IPO) in history.


Volkswagen (ETR:VOWG p) will price preferred shares in the float of Porsche AG between 76.50 and 82.20 euros per share, the manufacturer revealed, which corresponds to a valuation between 70 billion and 75 billion euros.


At the upper end of the range previously reported by Reuters, according to Refinitiv figures, it would be the third largest IPO in Europe's history. Volkswagen said that trading on the Frankfurt Stock Exchange will resume on September 29.


In conjunction with the IPO, 911,000,000 Porsche AG shares will be divided into 455.5,000,000 preferred shares and 455.5,000,000 common shares. During the IPO, investors will get up to 113,875,000 shares of preferred stock without voting rights.


Volkswagen stated that sovereign wealth funds from Qatar, Abu Dhabi, and Norway, along with mutual fund company T. Rowe Price, will purchase up to 3.68 billion euros in preferred shares as cornerstone investors.


Volkswagen's Chief Financial Officer and Chief Operating Officer, Arno Antlitz, commented, "We are in the final stages of planning Porsche's initial public offering, and we appreciate the commitment of our cornerstone investors."


Porsche SE will obtain 25% plus one ordinary share in the sports car brand, which do carry voting rights, for the price of the preferred shares plus a 7.5% premium.


According to a second release, Porsche SE, the holding firm controlled by the Porsche and Piech families, would finance the acquisition of the ordinary shares with up to 7.9 billion euros in borrowed cash.


Between 18,1 and 19,5 billion euros will be realized from the transaction. Volkswagen will propose distributing 49% of total profits as a special dividend to shareholders in early 2023 if the IPO is successful, and will host an extraordinary shareholder meeting in December.


On Monday, following the release of a stock market prospectus, institutional and individual investors will be able to subscribe for Porsche shares.

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