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At a Capital Markets Day presentation on Monday, Porsche (OTCPK:POAHY) CEO Oliver Blume indicated more information on an IPO for the storied automaker are incoming.
“We are in progress to work on an industrial cooperation agreement with Volkswagen Group,” he told an audience at the event. “In the upcoming weeks we can go into more details.”
Volkswagen (OTCPK:VWAGY) and Porsche (OTCPK:POAHY) began talks for a partial listing in February, projecting one of the largest auto IPOs in recent memory for the fourth quarter.
Volkswagen AG and Porsche Automobil Holding SE negotiated a Framework Agreement which should form the basis for further steps in the preparation of a potential IPO,” Volkswagen said in a statement on the plans in the first quarter.
US-listed shares rose 3.94% in afternoon trading.
German outlets have indicated the listing could include a partial sale of the Porsche-Piech family’s sizable stake in the automaker. Read more on the company’s projections for auto sales recovery in China to close the year.
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Image and article originally from seekingalpha.com. Read the original article here.