A decade after one of the craziest takeover battles in history, a merger between Volkswagen and Porsche still hasn’t happened. The end isn’t yet in sight, but a court case starting in June should remove a major roadblock. Porsche investors stand to make a handsome return as the route clears.
Operationally, the companies have already merged. Factories once owned by Porsche Automobil, whose founder Ferdinand Porsche also designed the VW Beetle, have belonged to the VW Group since 2012. But Porsche lives on as a listed holding...