Volkswagen’s US stocks soar following WSJ report of talks about listing minority interests in Porsche

by

The US-listed shares of Volkswagen AG VWAGY,
+ 2.94%
VOW,
+ 3.02%
surged 2.6% to record territory during Thursday afternoon trading, after The Wall Street Journal reported that the Germany-based carmaker was in early discussions over a listing of a minority stake in its Porsche subsidiary. Porsche Automobil Holding SE’s US shares POAHY,
+ 4.33%
PAH3,
+ 5.15%
rose 4.2% to a 13-month high. Citing people familiar with the matter, the WSJ report said that while discussions about a listing have resurfaced for a number of years, they have recently taken on a new quality. If there is a listing, it may not happen until next year, the WSJ report said. Volkswagen’s share is up 17.6% in the last three months and Porsche’s share is up 11.6%, while the iShares MSCI Germany ETF EWG,
+ 0.03%
has won 8.2% and the S&P 500 SPX,
-0.58%
is up 9.2%.

Source