HAMBURG: Volkswagen is targetting a valuation of 70 billion to 75 billion euros ($70.1-75.1 billion) for luxury sportscar maker Porsche as part of a planned initial public offering (IPO) of the division, a person familiar with the matter said.

The pricing range formed the basis for discussions in the supervisory board that were taking place on Sunday. Volkswagen was expected to announce the pricing range of the Porsche IPO, planned for late September or early October, later in theevening.

Volkswagen declined to comment.