CAPTION: Volkswagen triggers Porsche IPO plan. (picture alliance/dpa/dpa-Zentralbild)
Leading German carmaker Volkswagen announced its intention to float its subsidiary Porsche AG on the stock market.
Volkswagen published a so-called "intention to float" for an initial public offering (IPO) for the sports car unit at the end of September or beginning of October following a meeting of the executive board and supervisory board.
The aim is to list the company in Frankfurt and the new issue could be fully implemented by the end of the year. However, a decision on the Porsche IPO will be "subject to further capital market developments," Volkswagen said.
VW announced the general IPO plan in February. The move would enable the Porsche and Piëch families, which hold the largest block of shares in the VW Group, a blocking minority in Porsche, ensuring they can influence any key decisions.
VW's former boss Herbert Diess announced the plans to launch Porsche on the stock market but they are due to be implemented by his successor Oliver Blume, who took over at the company earlier in September.
Blume, who was chief executive of Porsche, is also maintaining leadership of the VW subsidiary.
He has also announced plans to further expand electric mobility and is also going to scale the board down from its current 12 members to nine.
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