Volkswagen sets Porsche IPO at up to 9.4 billion euros

FRANKFURT, Germany (AP) — Volkswagen has set the price range for the multibillion-euro sale of a minority stake in luxury brand Porsche. The deal will reap billions to fund the German automaker’s investments in new technologies and businesses including electric cars, software and services. The company said it aims for a listing on the Frankfurt stock exchange on Sept. 29 after it places a minority stake with investors, including the Qatar Investment Authority. The price range for preferred shares translates to 8.71 billion to 9.39 billion euros. Volkswagen has launched a major push into electric vehicles and says future profits will increasingly come from investments in electric cars, software and services as traditional internal combustion cars take a smaller share of the market.