Porsche Enters the Future with a New Corporate StructureExtraordinary General Meeting resolves Change into a Societas Europaea (SE)
Stuttgart. Dr. Ing. h.c. F. Porsche AG is entering the future with a new corporate structure and legal form. This was resolved today at the Extraordinary General Meeting of the Stuttgart based company held in the Porsche Arena. According to the resolution taken, the operative business of Porsche AG will be hived down into a wholly-owned subsidiary according to the provisions of the Conversion Act, with a Domination and Profit Transfer Agreement between the future holding and the operative subsidiary and the company then acting as a holding being converted into a European Societas Europaea (SE) joint-stock corporation.
The shareholders also decided to establish the Holding based in Stuttgart under the new name of “Porsche Automobil Holding SE". Dr. Ing. h.c. F. Porsche AG, the original Company so rich in tradition, will continue to manage the operative subsidiary.
“The 26 June marks a milestone in the history of Porsche so rich in tradition", stated Dr Wendelin Wiedeking, the President and Chief Executive Officer of the Company, at the beginning of the meeting, addressing the audience of approximately 1,500 shareholders. He added that it was important for shareholders to support this “policy of striking out" into the future.
As a result of the decisions taken, the shareholders of Dr. Ing. h.c. F. Porsche AG today will be shareholders of Porsche Automobil Holding SE tomorrow, the holding resolved at the meeting serving first and foremost to separate operative business from the administration of business shares and interests.In his statement Dr Wiedeking emphasised that this decision helped to ensure that Porsche would remain Porsche, and that nothing would change in the structure of the plants, in the composition of the company’s suppliers, in the position and status of partners in production and development, with dealers or with other partners. The existing business ties and legal relations will also remain in force, not being affected by the transaction.
As a result of the hive-down, the various areas of responsibility in corporate management will be separated in future into the management of business interests and holdings, on the one hand, and the development, production, and sales of sporting premium cars by Dr. Ing. h.c. F. Porsche AG, on the other.
The new company Porsche Automobil Holding SE cannot be entered into the trade register and the change in the form of the company into an SE cannot be effected until submission of the Annual Report for fiscal 2006/07 at the very earliest.