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Porsche Automobil Holding SE (PAH3-FF)
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Porsche Posts 7.2% Rise In Global Sales In April
Benzinga  May 14  Comment 
Porsche Automobil Holding SE's (OTC: POAHY) sportscar unit reported that global sales in April surged 7.2% y/y to 12,588 cars. In the January-to-April period, its global sales jumped 12.6% y/y to 43,141 cars. Porsche sales surged 13.1% to 4,682...
[$] Porsche Upbeat as Profit and Sales Rise
Wall Street Journal  Oct 28  Comment 
Porsche Automobil Holding SE's sportscar unit posted higher operating profit, revenue and vehicle sales for the first nine months, the latest sign that demand for luxury cars remains unaffected by wider economic concerns.
DealTalk: Porsche merger delay a boon for its owners
Penny Stock DD  Sep 18  Comment 
Porsche (PSHG_p.DE) has little choice but to sell its sports car business to Volkswagen (VOWG_p.DE) without a full merger of the parent companies, leaving the families that own Porsche with a tighter grip on the car and truck empire, people ...
[$] VW-Porsche Merger 'Will Happen'
Wall Street Journal  Mar 10  Comment 
Volkswagen said it expects a strong first quarter and that preparations for the €5 billion capital increase at Porsche as part of the planned merger are "fully on schedule."
Porsche shares drop 10% on worries over VW deal
MarketWatch  Feb 24  Comment 
Shares in Porsche Automobil Holding SE dropped around 10% in early trading Thursday after the car maker said its planned merger with Volkswagen AG will likely be delayed and that the chances of the deal happening at all will fall if the delays...
[$] VW CEO Says Qatar Backs Porsche Merger Plan
Wall Street Journal  Jan 10  Comment 
Volkswagen AG Chief Executive Martin Winterkorn said the auto maker is more optimistic about the prospects and timeframe of the merger with Porsche Automobil Holding SE.
Porsche Wins Dismissal of Fund Lawsuits Over $2 Billion Losses
BusinessWeek  Jan 2  Comment 
Porsche Automobil Holding SE persuaded a judge to dismiss two lawsuits claiming the carmaker cost hedge funds more than $2 billion by misleading short- sellers in its acquisition of Volkswagen AG shares in 2008.
Porsche Says U.S. Court Rejects Elliott, Black Diamond Claims
BusinessWeek  Dec 31  Comment 
Porsche Automobil Holding SE said a U.S. court rejected claims for damages from Elliott Associates and Black Diamond hedge funds.
Porsche Wins Dismissal of Fund Lawsuits Over $2 Billion Losses
BusinessWeek  Dec 31  Comment 
Porsche Automobil Holding SE persuaded a judge to dismiss two lawsuits claiming the carmaker cost hedge funds more than $2 billion by misleading short- sellers in its acquisition of Volkswagen AG shares in 2008.




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Porsche Automobil Holding SE

Porsche Automobil Holding SE (PAH3.XE) (OTC:POAHF) was founded on June 26, 2007 at the annual general meeting of Porsche AG, with a unanimous vote of the shareholders. At the time, the objective was to spin off the operative automobile business as a wholly owned subsidiary and to create the holding company as a business unit responsible for managing equity investments.

Today, Porsche Automobil Holding SE manages its stake in Porsche Zwischenholding GmbH (50.1%), which in turn holds 100% of Porsche AG, as well as the stake in Volkswagen AG (50.7%). [1]

Taking VW's 2009 valuation of its stake in Porsche of 4 billion and the 20 billion of value of Porsche's stake in VW and deducting net debt of 1 billion and 2 billion in possible legal and tax risks, Porsche is worth 21 billion euros, according to Credit Suisse. [2]The ultimate driver for the value of Porsche SE is the price of VW. With sales booming, confidence is growing the German sports car maker will merge with Volkswagen on relatively favorable terms.

Under a plan drafted last year, the merger between Volkswagen and Porsche was due to be finalized in 2011. The merger might be delayed or tweaked if several pending legal and tax issues won't be resolved in time. If these issues persist, Porsche's holding firm could remain an independent entity for the time being, but the sale of its sports car business to Volkswagen would still go ahead. [3]

What creates confusion is that there are two Porsche companies. There is the Porsche that makes the cars Porsche AG. And there is the Porsche SE Holding company, that owns Porsche Ag and also owns Volkswagen Ag. Porsche is building a new wind tunnel, design center, electronics integration center and about 100 new engineers at its development center in Weissach, near Stuttgart to develop the chassis that will underpin the Porsche Panamera and future Bentleys. It will also be responsible for a sports car platform for front-mid and rear-mid-engine cars for Porsche, Audi and Lamborghini. [4]

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