FRANKFURT, Feb 9 (Reuters) – Hopes for more clarity around a possible listing of Volkswagen’s (VOWG_p.DE) luxury Porsche AG division lifted shares in Europe’s largest carmaker and its top shareholder on Wednesday, traders said.
Volkswagen shares rose as much as 7.2% while those in Porsche SE (PSHG_p.DE), which holds a 31.4% stake in the carmaker, were up as much as 8.3%, taking the top two spots in Germany’s benchmark blue-chip DAX index (.GDAXI).
They also outperformed a 3.7% gain in the STOXX Europe 600 Automobiles & Parts Index (.SXAP).
Traders pointed to a Reuters story fuelling hopes there could be news on a potential listing of Porsche AG at Volkswagen’s annual press conference scheduled for March 15.
“That’s when management will hopefully show their colours,” a company source familiar with the deliberations about a listing told Reuters earlier.
Volkswagen and Porsche SE, which will holds its annual news conference on March 29, declined to comment.
Volkswagen is still considering a potential partial listing of Porsche AG and has not made a decision, according to people familiar with the matter.
Sources told Reuters last year the Porsche and Piech families, who control Porsche SE, were weighing taking a direct stake in Porsche AG as part of a possible listing of the luxury carmaker.