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- Harris and Oprah hold star-studded US election rally
- Allies to remember failed WWII parachute operation
- Perez leading new-look Villarreal charge against leaders Barca
- Man City face Arsenal in Premier League title showdown, Postecoglou under pressure
- Fake celebrity endorsements, snubs plague US presidential race
- Documentary brings Argentine 'death flights' to the big screen
- Strike shows challenge to Boeing 'reset' of labor relations
- World leaders to gather at UN as crises grow and conflicts rage
- How plastic pollution poses challenge for Canada marine conservation
- Scientists track plastic waste in pristine Canada marine park
- South Africa's Buhai grabs LPGA Queen City lead
- Japan inflation firms to 2.8% ahead of BoJ rate decision
- Russia's Kadyrov accuses Musk of 'remotely disabling' his Cybertruck
- Titan sub had to abort a dive days before fatal implosion: testimony
- Ohtani makes MLB history with first 50-homer, 50-steal season
- Ohtani eyes MLB history after surpassing 50 stolen bases, 49 homers
- Ohtani eyes MLB history after surpassing 50 stolen bases
- Barca downed by Monaco as Arsenal held in Champions League stalemate
- Head's 'good night at office' after century seals win over England
- Dubois seeks legitimacy with Joshua scalp
- Rate cut could lift consumer spirits before US elections
- Last-gasp Gimenez strike sends Atletico past Leipzig
- Barca stumble at Monaco after early red card
- Raya heroics save Arsenal in Champions League opener at Atalanta
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- Guardians beat Twins to secure MLB playoff berth
- Jihadist attack in Mali capital killed more than 70: security sources
- Alonso hails 'efficient' Leverkusen after Feyenoord rout
- Head's hundred seals Australia win over England in 1st ODI
- Ex-Man United striker Anthony Martial joins AEK Athens
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- Head's hundred seals Australia win over England in 1st ODI after Labuschagne strikes
- Dream debut for Wirtz as Leverkusen thump dire Feyenoord
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- EU chief announces $11 bn for nations hit by 'heartbreaking' floods
- Spanish PM, Palestinian leader urge Mideast de-escalation
- New study reinforces theory Covid emerged at Chinese market
- World Bank boosts climate financing by 10 percent
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- 'Something was wrong', defendant in French mass rape tells court
- Hezbollah chief admits 'unprecedented' blow in device blasts
- Sales of US existing homes slip slightly in August
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- Labuschagne sparks Australia fightback in England ODI opener
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.
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.
N.Fournier--BTB