Porsche sets debt reduction target

BERLIN, March 23 (Reuters) – Volkswagen (VOWG_p.DE) anchor investor Porsche SE (PSHG_p.DE) on Thursday said it aimed to improve its net liquidity to between minus 6.1 and 5.6 billion euros by the end of this year following its purchase of a Porsche AG equity stake last year.

It stood at minus 6.7 billion euros ($7.3 billion) by the end of last year.

The company proposed a dividend of 2.56 euros per preference share and 2,554 euros per ordinary share.

“It is important to us that this proposed dividend finds a balance between a stable dividend and the steady reduction of our debt,” Porsche Chairman Hans Dieter Poetsch said upon releasing the figures.

($1 = 0.9170 euros)

Reporting by Ilona Wissenbach, Writing by Friederike Heine, Editing by Kirsti Knolle

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