Dell’s VMware deal may hinge on how the companies split up value from Dell’s tracking stock

A combined Dell-VMware would fuse Dell’s hardware with remaining aspects of EMC’s hybrid cloud solution and VMware’s virtualization software. Dell acquired EMC — and its 81 percent stake in VMware — for $67 billion in the largest pure technology deal in history in 2015. If Dell can’t get a deal done with VMware, it may …