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- Lewandowski hat-trick powers Liga leaders Barca to Alaves victory
- 'Nothing gets in way of team,' says Celtics' MVP hopeful Tatum
- India maintain Pakistan stranglehold as Windies cruise at Women's T20 World Cup
- 'We will win!': Mozambique's ruling party confident at final vote rally
- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Florida braces for Milton, FEMA head slams 'dangerous' Helene misinformation
- Postecoglou slams 'unacceptable' Spurs after 'terrible' loss at Brighton
- Marmoush double denies Bayern outright Bundesliga top spot
- Rallies worldwide call for Gaza, Lebanon ceasefire
- Maresca hails Chelsea's 'fighting' spirit after draw with 10-man Forest
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- Man Utd stalemate keeps Ten Hag in danger, Spurs rocked by Brighton
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- Vikings hold off Jets in London to stay unbeaten
- Ahead of attack anniversary, Netanyahu says: 'We will win'
- West Indies cruise to T20 World Cup win over Scotland
- Arshdeep, Chakravarthy help India hammer Bangladesh in T20 opener
- Lewandowski's quickfire hat-trick powers Liga leaders Barca to Alaves victory
- Man Utd fire another blank in Aston Villa stalemate
- Lewandowski treble powers Liga leaders Barca to Alaves victory
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- Madueke rescues Chelsea in draw with 10-man Forest
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- Flash flooding kills three in northern Thailand
- Kaur leads India to victory over Pakistan in Women's T20 World Cup
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- Ruthless Gauff beats Muchova in straight sets to win China Open
- India restrict Pakistan to 105-8 in Women's T20 World Cup
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- Pakistan's Masood warns England still a force without Stokes
- Madrid's Carvajal to miss several months after serious knee injury
- Israel pounds Lebanon ahead of Hamas attack anniversary
- Two elephants die in flash flooding in northern Thailand
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- Tunisia votes with Saied set for re-election
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- Intense Israeli bombing rocks Beirut ahead of war anniversary
- Mozambique vote: no suspense but some disillusion
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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.
O.Johnson--AMWN