Volkswagen in Advanced Talks Over Porsche IPO
BERLIN— Volkswagen AG and the heirs of Beetle designer Ferdinand Porsche, the company’s largest shareholder, said on Tuesday they are in advanced talks that could lead to the initial public offering of the iconic Porsche AG sports-car maker.
The German auto maker said it had worked out a framework agreement with Porsche SE that still requires formal approval of both companies and their supervisory boards. VW shares jumped nearly 9% on the news as trading opened on the Frankfurt stock exchange, and were trading at around €188.14 by midmorning, equivalent to $212.81.
