Porsche will become a European Company and change its name to from ‘Dr. Ing. H.c. F. Porsche AG’ to ‘Porsche Automobil Holding SE’ at an extraordinary general meeting scheduled for 26th June.

The operating company of the sports car maker will become a subsidiary of this new holding company.

The new holding company will hold 100% of the shares in Porsche AG and the 30.9% stake in Volkswagen. The move will ensure that the two operating companies remain separate.

Porsche published its official mandatory takeover offer for Volkswagen. The offer lasts until 29 May, but shareholders are not expected to take the offer up as at EUR100.92 per shares the offer is substantially below the current stock market price. Porsche has said it is not seeking a full takeover of Volkswagen at present, but if it does decide to increase its stake in the future, having already made a mandatory takeover offer, it would not be obliged to do so again.