Volkswagen Slipstream

VW Scandal Hits Frankfurt IPOs

Schaeffler Maria-Elisabeth Schaeffler-Thumann Source vario images
Maria-Elisabeth Schaeffler-Thumann, owner of car parts maker Schaeffler, has her eyes on the stock market.
  • Why it matters

    Why it matters

    The Volkswagen emission scandal and stock market volatility could derail planned stock market listings in Germany.

  • Facts


    • The Volkswagen diesel emission manipulation, which emerged last week, has hurt investor confidence in German firms, particularly German carmakers and auto suppliers.
    • Bayer’s plastics maker Covestro, which supplies products to the car industry, and auto parts maker Schaeffler want to sell shares and list on the Frankfurt Stock Exchange this month.
    • Scout24, a digital classifieds company, was able to sell €1 billion, or $1.1 billion, worth of shares and list on the Frankfurt Stock Exchange.
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Scout24, Germany’s largest digital classifieds company, sold €1 billion, or $1.1 billion, worth of new and existing shares and listed on the Frankfurt Stock Exchange, the Munich-based firm said on Thursday.

The owners of Scout24, U.S. private equity firms Hellman & Friedman and Blackstone, telecom operator Deutsche Telekom and employees, sold about 24 percent of the German firm’s share capital, excluding an option to sell extra stock.

After the listing, the firm, which operates Germany’s largest real estate website and Auto Scout 24, a digital marketplace for automobiles, is now valued at €3.2 billion.

But a good day of trading for Scout24 was a terrible one for two other key German firms also floating on the Frankfurt Stock Exchange.

Plastics maker Covestro, a spin off from drugs and chemicals producer Bayer, continued to suffer knock-on effects from the Volkswagen emissions scandal, which shocked investors and consumers around the world last week.

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