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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