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Posted On: 23 July 2009 09:44 am
Updated On: 12 November 2020 02:09 pm

Porsche management given go-ahead for Qatar deal

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German luxury car maker Porsche opened the way Thursday to the Gulf state of Qatar taking a stake in it prior to creation of an integrated group with German automaker Volkswagen. "The supervisory committee of Porsche at an extraordinary meeting unanimously gave power to the management to seal the discussions with Qatar HoldingQatar Holding LLC on a raising of Porsche capital" said a very brief communique issued early Thursday. A little earlier Porsche had announced that it would seek a boost in capital of at least five billion euros, without however saying who would take part. The decision was taken at a meeting of the supervisory committee that started Wednesday in Weissach near Stuttgart in southwestern Germany, one day ahead of schedule, in a bid to seal a historic alliance with Volkswagen. "The basis for the creation of an integrated group between Porsche and Volkswagen has thus been laid," the builder of the 911 sports car said in a brief statement. AFP