Porsche Slams the Breaks on IPO Speculation

By William Boston

BERLIN -- Porsche AG, the sports car maker owned by Volkswagen AG, reined in its finance chief on Monday after he fueled speculation that the company was discussing a potential listing of a super luxury group combining Porsche, Lamborghini, Bugatti and Bentley that could value the group at up to EUR70 billion ($81 billion).

In an official statement, Porsche sought to walk back the comments, rejecting "speculation" about a possible listing of some or all of the company.

"Porsche does not currently have any plans to pursue a (partial) initial public offering. The Stuttgart-based sports car manufacturer denies all reports to the contrary that claim an IPO is in progress," the company said in a statement.

Porsche CFO Lutz Meschke made the comments on the sidelines of a media event at Porsche on Friday, but they weren't reported until Monday. Porsche didn't deny that Mr. Meschke made the comments or claim he had been misrepresented in reports.

Write to William Boston at william.boston@wsj.com

(END) Dow Jones Newswires

October 15, 2018 08:25 ET (12:25 GMT)

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