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.