VW Group and Porsche SE have issued more details on the possible IPO of the sports and luxury automaker Porsche AG, including the proposed breakdown of the share capital. The framework agreement sees the Porsche/Piëch family’s holding company taking a direct stake in the automaker while VW should remain the majority shareholder. As we get a better understanding on the planned listing, our view that Porsche SE will get a good deal for its direct stake gains ground.