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%). 
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. 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. 
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.