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Discuss this article (0 Comments)Qatar only looking at Porsche's VW shares
by This email address is being protected from spam bots, you need Javascript enabled to view it on Tuesday, 30 June 2009
PORSCHE STAKE: Qatar wants a 'politically correct' investment that keeps it neutral.
Qatar Investment Authority has reportedly only offered to buy options held by Porsche on Volkswagen AG shares.
Wendelin Wiedeking, the German carmaker’s CEO, had hoped the sovereign wealth fund would also buy a stake in Porsche’s holding company.
According to the Financial Times Deutschland, Qatar wants a “politically correct” investment that keeps it neutral amid a power struggle involving the Porsche and Piech families and VW.
German car maker Porsche is $12.6bn in debt after it increased its stake in Wolfsburg, Germany-based Volkswagen to 75 percent. Last month the firm agreed to pursue a merger that would put Porsche alongside VW brands such as Skoda and Bentley.
On Monday a spokesman for the heavily indebted firm said it had received an offer from the sovereign wealth fund concerning an investment in Porsche as well as the purchase of options in VW.
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