More details in coming weeks on Porsche IPO, CEO says

BERLIN (Reuters) – Volkswagen-owned Porsche will be able to go into more detail in coming weeks on what its agreement with Volkswagen for the structure of a partial listing will look like, Chief Executive Oliver Blume said on Monday.

“We are in progress to work on an industrial cooperation agreement with Volkswagen Group. In the upcoming weeks we can go into more details,” Blume said, speaking at Porsche’s Capital Markets Day.

“It will be very important to have a clear contract how independence will be organised. It is important to get more speed and on the other side still using scale effects with VOlkswagen Group,” he added.

Volkswagen and Porsche SE, which is its top shareholder, drew up a preliminary agreement in February to list Porsche, hoping to unlock value from the luxury car brand in what could be one of the world’s largest stock market debuts.

The listing is planned for the fourth quarter of this year.

(Reporting by Victoria Waldersee; Editing by Riham Alkousaa)