EMC will own some of the shares, but not the individual stock holder in EMC.
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The VMWare IPO will create new shares for the IPO. These shares will constitute about 10% of the total shares of VMWare with EMC owning the remainder. This process is called a “stub” offering, since it is a small fraction of the total.
Since these are new shares, the EMC shareholder does not receive any VMWare shares (I think).
In theory this should dilute the value of the VMW shares that EMC still holds & EMC share price should decline a little as a result. But if the IPO shares of VMW trade up greatly in the first few days, then EMC shares should go up moderately too.
If the EMC/VMW situation works like the Altria/Kraft situation, then maybe in a few years EMC will spin off all of its VMW shares. If that happens when you are an EMC shareholder, then your account should have some shares of VMW magically appear after the full spin off. While the info in this paragraph is possible, it is pure conjecture at this point.