Volkswagen in ‘advanced discussions’ about Porsche IPO

Volkswagen AG is in advanced discussions with Porsche Automobil Holding SE about a potential IPO of the luxury carmaker, and the two have negotiated a framework agreement as the basis for preparing such a step, Volkswagen said on Tuesday.

The conclusion of an agreement must be approved by the management board and supervisory board, the carmaker said, adding a final decision had not been taken.

"Whether a framework agreement is concluded and its content is open and depends on the approval of both parties' boards," the statement said.