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Sat 4 Jul 2009 09:39 PM

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More bidders said interested in Porsche stake - report

German magazine says as many as three rival offers to Qatar plan may be submitted.

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.

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