Zürcher Nachrichten - Volkswagen eyes separate stock market listing for Porsche

EUR -
AED 4.129763
AFN 78.924582
ALL 97.761438
AMD 434.227911
ANG 2.012255
AOA 1031.043687
ARS 1279.999972
AUD 1.741216
AWG 2.02667
AZN 1.891643
BAM 1.949984
BBD 2.270428
BDT 136.622479
BGN 1.958278
BHD 0.423831
BIF 3346.222964
BMD 1.124366
BND 1.454906
BOB 7.786946
BRL 6.352218
BSD 1.124546
BTN 96.01959
BWP 15.216274
BYN 3.680023
BYR 22037.577749
BZD 2.258763
CAD 1.56731
CDF 3228.055466
CHF 0.937856
CLF 0.027574
CLP 1058.118269
CNY 8.106117
CNH 8.111476
COP 4688.607103
CRC 569.002764
CUC 1.124366
CUP 29.795705
CVE 109.937077
CZK 24.888404
DJF 199.8223
DKK 7.460007
DOP 66.262351
DZD 149.582332
EGP 56.266884
ERN 16.865493
ETB 151.437521
FJD 2.544481
FKP 0.846957
GBP 0.841811
GEL 3.080834
GGP 0.846957
GHS 13.832172
GIP 0.846957
GMD 81.519593
GNF 9737.953383
GTQ 8.634246
GYD 235.265567
HKD 8.794286
HNL 29.259723
HRK 7.534603
HTG 147.141104
HUF 402.753615
IDR 18479.352217
ILS 3.98155
IMP 0.846957
INR 95.973424
IQD 1473.105982
IRR 47349.865546
ISK 145.897516
JEP 0.846957
JMD 179.195491
JOD 0.79716
JPY 162.871224
KES 145.290521
KGS 98.325915
KHR 4507.654679
KMF 496.409336
KPW 1011.92959
KRW 1562.351285
KWD 0.345484
KYD 0.937084
KZT 574.326883
LAK 24318.219984
LBP 100757.099452
LKR 337.23409
LRD 224.906145
LSL 20.306031
LTL 3.319961
LVL 0.680118
LYD 6.204493
MAD 10.385622
MDL 19.599104
MGA 5060.064224
MKD 61.529444
MMK 2360.822617
MNT 4018.461898
MOP 9.058662
MRU 44.559088
MUR 51.96847
MVR 17.383003
MWK 1949.944355
MXN 21.714325
MYR 4.82459
MZN 71.848059
NAD 20.306031
NGN 1801.324548
NIO 41.376581
NOK 11.590698
NPR 153.631743
NZD 1.896358
OMR 0.432847
PAB 1.124481
PEN 4.145734
PGK 4.674058
PHP 62.719958
PKR 317.726278
PLN 4.250221
PYG 8982.207641
QAR 4.098674
RON 5.047845
RSD 116.891334
RUB 90.794509
RWF 1610.346744
SAR 4.217405
SBD 9.377696
SCR 16.304071
SDG 675.182671
SEK 10.887458
SGD 1.456283
SHP 0.883575
SLE 25.525902
SLL 23577.397516
SOS 642.702936
SRD 40.981463
STD 23272.110495
SVC 9.83965
SYP 14618.854137
SZL 20.300447
THB 37.261746
TJS 11.610828
TMT 3.940904
TND 3.384505
TOP 2.633381
TRY 43.576496
TTD 7.633231
TWD 33.911554
TZS 3018.923241
UAH 46.798109
UGX 4112.732436
USD 1.124366
UYU 46.910075
UZS 14525.672452
VES 105.922296
VND 29174.492277
VUV 136.185544
WST 3.124079
XAF 654.026512
XAG 0.034758
XAU 0.000348
XCD 3.038656
XDR 0.820038
XOF 654.006214
XPF 119.331742
YER 274.461178
ZAR 20.333373
ZMK 10120.643031
ZMW 30.336836
ZWL 362.045461
  • CMSC

    0.1100

    22.16

    +0.5%

  • RIO

    -0.2500

    62.39

    -0.4%

  • NGG

    1.1500

    72.43

    +1.59%

  • SCS

    -0.1500

    10.35

    -1.45%

  • GSK

    0.3200

    37.96

    +0.84%

  • BTI

    0.9400

    43.58

    +2.16%

  • RBGPF

    1.5000

    64.5

    +2.33%

  • CMSD

    0.1090

    22.169

    +0.49%

  • AZN

    0.8800

    69.69

    +1.26%

  • RYCEF

    0.2100

    10.91

    +1.92%

  • BCC

    -0.7200

    91.19

    -0.79%

  • BCE

    0.0100

    21.57

    +0.05%

  • BP

    -0.3600

    29.4

    -1.22%

  • VOD

    0.1900

    9.64

    +1.97%

  • JRI

    -0.1100

    12.79

    -0.86%

  • RELX

    0.4600

    55.03

    +0.84%

Volkswagen eyes separate stock market listing for Porsche
Volkswagen eyes separate stock market listing for Porsche

Volkswagen eyes separate stock market listing for Porsche

German auto giant Volkswagen on Tuesday said it was drawing up plans to list its luxury brand Porsche as it looks to raise the funds for its move to electric vehicles.

Text size:

Volkswagen and its largest shareholder Porsche SE had "negotiated a framework agreement which should form the basis for further steps" towards a separate stock market listing, the carmaker said in a statement.

A "final decision" on the future of the storied sports car brand had not yet been taken, the group said.

The flotation would represent a major shake up at Volkswagen, which is searching for a ways to finance its shift away from traditional combustion engines towards electric vehicles.

According to the daily Handelsblatt, Volkswagen could be willing to part with 49 percent of Porsche shares, which it currently holds in their entirety.

Volkswagen group's parent company and main shareholder is Porsche SE, which is also listed on the Frankfurt Stock Exchange.

Shares in both the carmaker and the holding company jumped on the news. Volkswagen shares were up almost nine percent to 190 euros ($216) around 1330 GMT, while the holding group's stock rose by over 12 percent.

- Blockbuster deal -

Analysts value Porsche, maker of the famous 911 sports car, at between 60 and 80 billion euros.

The blockbuster deal could see the similarly named holding company directly "purchase stock in Porsche AG", it said in a statement.

Porsche SE, which manages the investments of the Porsche-Piech family, could in turn finance the move by selling part of its majority stake in the Volkswagen group, according to recent reports in the local press.

The consent of the two parties' supervisory boards is still needed for the deal to go through.

But approval seems likely given the familial ties between the two groups and the fact that a number of members of the carmaker's supervisory board also have roles at the holding company.

The Volkswagen group -- whose 12 brands include Audi, Porsche and Skoda -- is pumping 35 billion euros into the shift to electric vehicles and aims to become the world's largest electric carmaker by 2025.

The world's second largest automaker is in a tussle with its American rival Tesla, which has parked its tanks on Volkswagen's lawn by building a factory in Germany.

Herbert Diess, the German group's CEO, has sought to overhaul the group's image, turning it from an auto behemoth into a more of a technology company focussed on electric vehicles.

As part of the shake-up, Volkswagen introduced its bus and lorry subsidiary Traton onto the stock exchange in 2019 and let go its majority in the niche luxury carmaker Bugatti last year.

S.Scheidegger--NZN