This from Reuters
The Porsche and Piech families that control all the voting rights in Porsche have reshuffled their holdings in the German sports car maker, which is itself the largest shareholder in Volkswagen.The foundation Ferdinand Porsche Privatstiftung as well as the Ferdinand Porsche Holding GmbH, both headquartered in Salzburg, now hold 100 percent of the common shares in Porsche since Oct. 20, after previously controlling less than 5 percent, the company said today in a financial advertisement.Previously, Porsche and Piech family members also owned common shares directly. All shares traded on the stock exchange are preferred shares that carry no voting rights.Volkswagen had already said the roughly 21 percent stake Porsche owns in the world's fourth-largest carmaker was parked at the foundation and the holding company.
While it’s obvious that this is news worthy in the automotive world, especially because the Porsche and Piech families are pretty low key and rarely draw attention to themselves.
There’s a tight connection between VW and Porsche and It doesn’t look like this will change anytime soon.
This writer remembers the AUDI VW Porsche dealers of the eighties and nineties, as a kid I could never make the connection, and even now I feel that Porsche had to do its own thing. Not that VW is anything to be embarrassed about, but you can already see the day that there would be a Volkswagen Audi Porsche Buick Hyundai super store.
Joe
The Porsche and Piech families that control all the voting rights in Porsche have reshuffled their holdings in the German sports car maker, which is itself the largest shareholder in Volkswagen.The foundation Ferdinand Porsche Privatstiftung as well as the Ferdinand Porsche Holding GmbH, both headquartered in Salzburg, now hold 100 percent of the common shares in Porsche since Oct. 20, after previously controlling less than 5 percent, the company said today in a financial advertisement.Previously, Porsche and Piech family members also owned common shares directly. All shares traded on the stock exchange are preferred shares that carry no voting rights.Volkswagen had already said the roughly 21 percent stake Porsche owns in the world's fourth-largest carmaker was parked at the foundation and the holding company.
While it’s obvious that this is news worthy in the automotive world, especially because the Porsche and Piech families are pretty low key and rarely draw attention to themselves.
There’s a tight connection between VW and Porsche and It doesn’t look like this will change anytime soon.
This writer remembers the AUDI VW Porsche dealers of the eighties and nineties, as a kid I could never make the connection, and even now I feel that Porsche had to do its own thing. Not that VW is anything to be embarrassed about, but you can already see the day that there would be a Volkswagen Audi Porsche Buick Hyundai super store.
Joe
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