Shares in the Volkswagen Group are up sharply following a report that the IPO of the sports car subsidiary Porsche is progressing. However, a decision has still not been made.
Volkswagen Aktiengesellschaft, headquartered in Wolfsburg, Lower Saxony, is a German automobile manufacturer. It is indirectly majority controlled by the Austrian families Porsche and Piëch. Volkswagen is the world’s largest automobile manufacturer in terms of sales generated.
Shares from the Volkswagen Group jumped sharply on Tuesday afternoon on the back of a report that the IPO of sports car subsidiary Porsche was progressing. The owner families behind the holding company, Porsche and Piëch, wanted to buy a significant block of shares in Porsche in the event of a possible IPO of VW’s sports car subsidiary Porsche AG, the “Handelsblatt” reported on Tuesday with reference to company circles. To finance this, they looked into selling parts of their VW stake.
VW preferred shares, which are listed on the Dax, strengthened their recent recovery with a price jump of up to 8.6 percent. The shares of the group holding company Porsche SE, which is now also listed on the Dax, rose by 8.5 percent. However, both stocks are still well below their highs this year.
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