Report: Porsche changing its name in June

At a general meeting scheduled for June 26, 2007, Porsche will become a European company and will change its name to from “˜Dr. Ing. H.c. F. Porsche AG” to “˜Porsche Automobil Holding SE.’ The change is being made to ensure that Porsche and its 30.9 percent shares in Volkswagen remain seperate.

Porsche, the sports auto maker, will now become a subsdiary of the Porsche Automobil Holding SE.

On April 30th, Porsche officially submitted an offer to acquire shares of Volkswagen, which will give it total control of Germany”s largest auto maker. The price offered to the Volkswagen shareholders amounts to €100.92 ($137.78) per common share and €65.54 ($89.47)per preferred share, which represents the minimum price required by law.

Source: AutoIndustryBlog

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