More bidders said interested in Porsche stake - report

PORSCHE STAKE: Report says three parties other than the Qatar government may be interested in taking stake in German automaker. (Getty Images)

German magazine Focus reported on Saturday that three more bidders are interested in taking a stake in German sports car maker Porsche, rivaling investment plans by Qatar.

In an advance release of remarks due to be published on Monday, the magazine said without citing sources that a Chinese and a Russian sovereign wealth fund as well as a hedge fund were interested.

A Porsche spokesman declined to comment on the report.

Sources told Reuters on Friday the owners were set to discuss an investment by Qatar in the next two weeks and a decision may come even before Volkswagen's supervisory board meeting on July 15.

Porsche, which ran-up 9 billion euros ($12.5 billion) worth of debt following an aborted attempt to acquire 75 percent of Volkswagen AG votes, has since been looking to rescue itself by uniting with its cash-rich subsidiary, in which it has a 51 percent stake.

A successful investment from Qatar could strengthen Porsche Chief Executive Wendelin Wiedeking's negotiating hand as he tries to strike a deal with VW.

Without it Porsche will struggle to prop up its finances and may have little choice but to yield to a reverse takeover from VW, Europe's biggest carmaker.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM