VW readies Porsche IPO in one of Europe’s largest listings

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (AP) — German automaker Volkswagen is holding a share offering for a minority stake in its luxury division, Porsche. And it will rank among the largest in European history. Volkswagen could reap as much as 9.5 billion euros to fund its push into electric cars and software. The deal lets Volkswagen tap investor interest in getting a piece of Porsche’s fat profit margins. Volkswagen is completing the lineup of investors who will get a piece of the deal. Late Wednesday, Volkswagen priced the offering at 82.50 euros a share — at the top end of its estimated range. The shares are expected to start trading Thursday.