Cape Times E-dition

VW shares up on Porsche IPO talk

INVESTMENT bank Goldman Sachs and law firm Freshfields are among advisers working on a possible listing of Volkswagen’s luxury unit Porsche, Manager Magazine reported yesterday, without saying where it obtained the information.

The report prompted Volkswagen shares to rise 3 percent to the top of Frankfurt’s blue-chip DAX index, reflecting hopes that such a move could unlock tens of billions of euros in value hidden under the carmaker’s complex conglomerate structure.

Bank of America, in a note last week, put Porsche’s enterprise value at about €75 billion ($1.08 trillion), the magazine said.

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2021-10-22T07:00:00.0000000Z

2021-10-22T07:00:00.0000000Z

https://capetimes.pressreader.com/article/282007560592834

African News Agency