Originally Posted by EnI

Mind we are talking about Porsche Automobile Holding SE here, not the Dr.ing.h.c. F. Porsche AG - the core Porsche company.

The Holding will be a parent company - owning 100% of PAG, and at least 31% of VAG (PAG shareholders will exchange their shares for PAH shares in 1:1 ratio).
The operative businesses (=PAG & VAG) will remain relatively independent. Relatively because VAG will definitely be influenced by PAG, while no influences in the opposite directions.

So, PAH will be managed by PAG managers, while VAG managers will have no role in PAH management board.