Porsche IPO moves ahead as parent VW looks to defy market gloom - BNN Bloomberg

The manufacturer is planning the initial public offering as early as this month, unless markets worsen significantly, VW said late Monday, targeting to finalize the listing by the end of the year. The move will direct funds to Europe’s biggest carmaker to foot the staggering cost of electrification and software development and return greater influence to the billionaire Porsche-Piech clan over the luxury automaker.

The listed Porsche will have a dual share structure similar to Volkswagen with voting and non-voting shares. Porsche’s planned small free float and limited managerial independence -- Blume will carry on as head of Porsche and VW -- has triggered governance concerns similar to criticism leveled at VW’s convoluted structure.

Volkswagen’s preferred shares rose as much as 3.9 per cent in Frankfurt trading. The company on Tuesday also filed its official intention to float on the Frankfurt stock exchange. At 85 billion euros, Porsche’s valuation would exceed Ferrari NV’s market capitalization more than twice over, but the Italian carmaker with industry-leading margins only makes a fraction of the more than 300,000 cars Porsche produces every year. Still, if achieved, Porsche would be roughly on par with its parent’s market value, even as VW makes more than 10 million vehicles in a typical year. Big-name investors including T Rowe Price Group Inc.

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OPEC+ agrees to make token supply cut to steady oil market - BNN BloombergOPEC+ agreed to make a token oil supply cut for October, a surprise moves that shows the alliance is seeking to stabilize global markets after a faltering economic backdrop triggered the longest price rout in two years. Check on 's take on it.. reeks of desparation.. grammar errors 'a surprise moves that shows'.. and all. They even added OPEC +.. like you assume Russia is part of the OPEC equation BNN? 'OPEC cut', that's what the headline is. Higher Oil prices incoming...
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U.S. futures, European stocks rise; Pound rebounds - BNN BloombergUS stock futures climbed, with dip buyers drawn to attractive valuations after three weeks of Wall Street declines. European stocks rose as investors assessed responses to the region’s energy crisis ahead of the European Central Bank’s policy meeting later this week.
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