By Mauro Orru

Porsche Automobil Holding SE said Thursday that it has cut its dividend proposal to account for the impact of the coronavirus pandemic.

Porsche, which holds about 53% of Volkswagen's voting rights, said it would propose a dividend of 2.21 euros ($2.61) per preference share and EUR2.204 per ordinary share at its annual general meeting, which is postponed to Oct. 2.

The company planned to propose a dividend of EUR3.11 per preference share and of EUR3.104 per ordinary share.

Porsche SE's decision comes after Volkswagen AG's left its own dividend proposal at the level of last year.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

July 30, 2020 04:36 ET (08:36 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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