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Posted On: 22 July 2009 10:00 am
Updated On: 12 November 2020 02:09 pm

Qatar seeks $6bn-7bn for Porsche deal

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Qatar Holdings, which manages strategic and direct investments by the State of Qatar, is talking to banks about a $6bn-$7bn loan linked to its possible investment in Porsche, bankers said yesterday. Porsche has been talking to Qatar about a deal that would give the Gulf state a 20 percent stake in Volkswagen via derivative contracts as it struggles to cement a merger with Volkswagen. Porsche is holding a board meeting tomorrow to determine a potential investment by Qatar and whether it could purchase voting shares. Qatar Holdings is talking to five or six banks about the loan, which is being raised for ‘general corporate purposes’ and could have recourse to the State of Qatar, a banker close to the deal said. Three other bankers close to the deal said that they were working on loan structures that were directly linked to the acquisition of Porsche shares. Qatar Holdings is a private entity whose entire shares are owned by Qatar Investment Authority. REUTERS