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Huh, why would VAG just give up on Porsche like that? Especially that Porsche holdings owns a big part of VAG itself.

Because the people controlling VW are the same that arw behind Porsche, namely the families Porsche and Piech.

Ah but Porsche is not Porsche but instead Porsche AG and Porsche SE.

It is pure insanity in need of many flow charts.

Independent, except VW AG still holds a majority of the ordinary voting shares and the rest of the Porsche AG voting shares are held by the family holding company that also holds the controlling shares of VW AG. At the moment, the same person is also CEO of both companies.