POAHY Porsche Automobile Holding SE (PK)

   By Kim Richters 
 

Shares in Volkswagen AG rose on Friday after the car maker revealed more details about its plan to possibly list its sports-car brand Porsche AG in an initial public offering.

At 0830 GMT, preference shares in Volkswagen were 2% higher at EUR179.70.

Volkswagen and its shareholder Porsche Automobil Holding SE said late Thursday that they have fleshed out more terms of a potential agreement to list the brand and that they are looking at the next steps to prepare for a possible IPO.

Under the agreement so far, Volkswagen could list Porsche AG with a free float of 12.5%. It plans to keep the majority of the brand, while Porsche SE said it would also buy a stake.

At a conference call about the IPO, Volkswagen's finance chief Arno Antlitz said the company will update on the progress of the listing plans in late summer and the stock-market debut could happen as early as the fourth quarter of 2022.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

February 25, 2022 04:02 ET (09:02 GMT)

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