Porsche getting a new name next month
Filed under: Porsche, Volkswagen
In an effort to redefine itself as the next great German monolith, “Dr. Ing. H.c F. Porsche AG” will be rebirthed as “Porsche Automobil Holding SE” during a meeting on June 26th.
The reasoning behind the renaming is to better reflect Porsche’s investment in other automobile manufacturers, namely Volkswagen, in which Porsche currently has a 30.9-percent stake. Thus, Porsche will be reborn as a holding company with two operations, Porsche and Volkswagen.
German law has forced Porsche to make a takeover offer for VW since its stake has grown above 30%. The bid is on the table until May 29th, but shareholders aren’t expected to jump at the opportunity, considering that the current bid offered by Porsche is well below the company’s market value.
We’ll see how things flesh out, but considering Porsche’s newfound dominance in the market, we’re expecting some Germanic fireworks come the end of the month and Volkswagen to be answering to Stuttgart at some point in the near future.
[Source: Just-Auto - sub. req’d]
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