(Bloomberg) -- Volkswagen AG said the planned initial public offering of Porsche is on track even as global markets face deep turmoil amid a worsening energy crisis in Europe.

“Things are progressing according to plan,” Chief Financial Officer Arno Antlitz said in a statement published on VW’s corporate intranet Monday. 

“The possible proceeds would give us more flexibility to further accelerate the transformation,” said Antlitz, who has closely worked on the preparation of what is set to be one of Europe’s biggest share sales ever.

While a listing of Porsche would help direct funds to VW’s ambitious plans on rolling out electric cars and software investments, the IPO is up against some of the worst market conditions in years. VW officially started preparing for a listing of its most prized asset in February, just before Russia’s invasion of Ukraine roiled markets and triggered an energy crisis in Europe.

The carmaker’s management and supervisory boards will discuss Monday if the company should go ahead with the offering at the end of September or early October amid upheaval in equity and commodity markets. While a slowing economy, rampant inflation and surging energy costs have largely brought public listings to a standstill, a sale would hand back control of the iconic automaker to the Porsche-Piech family, which are major VW shareholders.

The billionaire clan in 2009 lost out to VW following an acrimonious saga where the smaller Porsche first sought to buy the much bigger company, only for its target to turn the tables and buy the maker of the 911 sportscar. Under the current IPO plan, the family’s investment company Porsche Automobil Holding SE would emerge with a blocking minority stake of 25% plus one share. 

Despite the market turmoil, Porsche has lined up investor interest for its IPO at a valuation of as much as $85 billion, people familiar with the matter told Bloomberg News last month. The maker of the electric Taycan has secured pre-orders that exceed the shares on offer at a valuation between 60 billion and 85 billion euros ($85 billion), said the people, who asked not to be identified because discussions are private.

Big-name investors including T Rowe Price Group Inc. and Qatar Investment Authority have already indicated interest in subscribing to the IPO in that valuation range, the people said. Porsche has also been gaging interest from billionaires including the founder of energy drink maker Red Bull, Dietrich Mateschitz, as well as LVMH Chairman Bernard Arnault, according to the people.

Antlitz has taken on the additional role of chief operating officer following Porsche chief Oliver Blume becoming VW chief executive officer this month after the ouster of Herbert Diess. 

(Updates with background on VW’s controlling shareholders in third paragraph)

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