The Porsche and Piëch clans, through their investment firm Porsche SE, already had 53.3% of the voting rights and a 31.9% overall capital stake in VW. The IPO restores to the family an asset it had long coveted: a blocking minority on Porsche’s supervisory board, which lets the company determine its fate without having to answer to overlords at VW. A complex deal that beat fierce market headwinds, it was Europe’s largest initial public offering in more than a decade. Porsche went public on September 29, reaping $9.1bn in proceeds for parent group Volkswagen with a total valuation of $73bn. The billionaire descendants of the man who started Porsche are one step closer to becoming the most powerful family in cars. Forget BMW’s Quandts, the prestigious Agnellis of Fiat, and America’s Ford clan.
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