Porsche SE schedules shareholder meeting for Volkswagen merger
Porsche Automobile Holding SE has scheduled a special meeting in December where shareholders will vote on a merger with Volkswagen AG. This is all part of the plan for Volkswagen to overtake Toyota and General Motors as the world's largest car company, targeting 10 million annual new vehicle sales by 2018.
At the moment, Porsche SE owns 50.7 percent of Volkswagen AG. Porsche AG, the company that actually produces Porsches, is currently owned by Porsche Zwischenholding GmbH, a company held as a joint venture between and Volkswagen AG and Porsche SE.
If the merger goes ahead, it will give Volkswagen AG control over Porsche AG, which, in turn, will help it produce more cars as a company overall. This merger has been part of Volkswagen's strategy to become the largest manufacturer for some time. In 2009, Porsche SE and Volkswagen AG announced a merger would occur in 2011.
Both Volkswagen and Porsche are set for further "distinct growth" according to Volkswagen CEO Martin Winterkorn, despite the current "challenging" economic conditions.
The meeting will be held in mid-December this year.
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