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Name | Symbol | Market | Type |
---|---|---|---|
Porsche Automobile Holding SE (PK) | USOTC:POAHY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.04 | 0.90% | 4.47 | 4.46 | 4.47 | 4.48 | 4.45 | 4.4599 | 936,732 | 20:59:13 |
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)
Copyright (c) 2022 Dow Jones & Company, Inc.
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