MM084: Carnage in UK Bond/FX Markets – What happened, what’s next?
Market Maker
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Porsche IPO Launched Yesterday
VW listed 12.5% of Porsche AG in Frankfurt yesterday. That's raised 9.4 billion euros, 49% of which went to VW as a special dividend. The rest actually went to VW to build out their EV war chest. So just to be clear, this wasn't a fundraise to line the pockets of Porsche. It was a fundraise for its parent VW. But if you are thinking of buying into Porsche later on today, just remember that the money raised is not going directly back into Porsche to expand its global operations. And it's also not going to give you any kind of vote.
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