Porsche on the NYSE?

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Dow Jones Newswires -- January 18, 2002
Porsche Mulls Listing On New York Stock Exchange
Dow Jones Newswires

FRANKFURT -- Sports-car maker Porsche AG (G.POR) Friday said it was considering listing on the New York Stock Exchange and has already had contact with exchange officials.

Porsche President and Chief Executive Wendelin Wiedeking told shareholders at an annual meeting that Porsche probably wouldn't have to present quarterly earnings if listed in the U.S.

After months of talks with German stock-exchange operator Deutsche Boerse AG (G.DBO) last year, Porsche was ejected in September from Germany's mid-capitalization index for refusing to report earnings more frequently than half-yearly.

Porsche has said in the past that quarterly financial reports trigger unhealthy volatility in stock markets. It said it informs investors regularly when it has relevant information.

Wiedeking told Dow Jones Newswires last week that Porsche isn't talking to the Deutsche Boerse about reentering the MDAX.

"I would say the MDAX lost something, not Porsche," Wiedeking said. Porsche shares in the last five months gained 21%, while the MDAX fell about 3.3%.

At 1330 GMT, Porsche shares were up EUR16.50, or 3.7%, at EUR459.50 after reporting a better-than-expected 27% net profit increase for the first half of fiscal year 2002. Porsche's fiscal year ends July 31.