VOLKSWAGEN AG: NEWS & TECHNICAL Analysis
In advance of the board meeting, the Volkswagen CFO highlights the advantages of Porsche listing
Volkswagen (ETR:VOWG pambitions )’s for electrification would be funded in large part by Porsche’s planned public market offering, the automaker’s chief financial officer said on Monday, ahead of a board meeting to decide if the listing will proceed.
The long-awaited listing of Porsche will be discussed at a meeting of Volkswagen’s management and supervisory boards later on Monday to determine whether it should happen in late September or early October.
In the event that Volkswagen announces its desire to float, a four-week period for investors to show interest in the shares would follow, during which the automaker might still yank the listing if demand is insufficient.
One person familiar with the discussions said of the impending choice at the meeting on Monday, “It would be the technical go-ahead, nothing more.” The stock market bell won’t necessarily ring in the end, but it is paving the way.
Some investors have questioned the timing of the transaction, arguing that market jitters may indicate far smaller proceeds than anticipated and bringing up unanswered concerns about Oliver Blume’s ability to effectively lead both Porsche and Volkswagen.
Luxury automobile manufacturers’ stocks have fallen precipitously this year, as have those of every other European business. After announcing a 575.8-million-pound ($662.86 million) rights offer of four new shares for each existing share, Aston Martin stock was down 11% after dropping 14% earlier.
Nevertheless, Arno Antlitz, who took over as COO and CFO of VW on September 1 when Blume was named CEO, reaffirmed Volkswagen’s defence of the IPO as essential to raise money for the automaker’s electrification aspirations.
VOLKSWAGEN AG Technical Analysis: Daily Chart
In the daily charts, VOLKSWAGEN AG is trading in down channel. VOLKSWAGEN AG is currently trading below all SMA.
RSI is in selling zone which indicates bearishness. MACD is currently below zero which indicates bearishness.
Its immediate support is 179.76 & the resistance level is at 186.66.
VOLKSWAGEN AG will trade in down channel until there is trend reversal.
How to Trade VOLKSWAGEN AG this Week:
VOLKSWAGEN AG will follow the downtrend until their trend reversal. So, remain bearish on VOLKSWAGEN AG.
