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Posted On: 12 July 2009 03:02 pm
Updated On: 12 November 2020 02:09 pm

Qatar offers €7bn for Porsche stake

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Qatar has offered €7bn ($9.8bn) for a stake in Porsche, which would allow the German luxury sports car maker to clear a large part of its debts, a report said yesterday. According to the weekly Der Spiegel, the Qatar Investment Authority would take 25 percent of Porsche Automobil Holding and options on Volkswagen shares currently held by Porsche. In addition Volkswagen, which has proposed buying 49 percent of Porsche’s core sports car operations, has upped its bid to more than €4bn, Der Spiegel said, without quoting sources. Porsche has scheduled an extraordinary meeting of its supervisory board on July 23 to discuss offers by Qatar and Volkswagen, sources said on Friday. Porsche has run up some €9bn in debt it accumulated in a failed attempt to increase its holding in VW, the biggest European car maker. It owns about 51 percent of VW, which has made its counter offer in a boardroom drama between the carmakers’ dominant influences, the Porsche and Piech families. A deal with Qatar would boost Wolfgang Porsche. AFP