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Fri 4 Sep 2009 10:00 AM

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Qatar gets 10% voting stake in Porsche SE

Stake gives outsiders say at Porsche for 1st time; no financial terms for the sales given.

Qatar gets 10% voting stake in Porsche SE
STAKE SHARE: Qatar will hold the stake via a series of investment arms. (ITP Images)

The Gulf state of Qatar has taken a 10 percent voting stake in Porsche Automobil Holding SE as agreed, the German automotive group said on Wednesday.It gave no financial terms for the sale, which was announced last month and gives outsiders a say at the family-owned company for the first time.

Qatar will hold the stake via a series of investment arms. The deal is part of a broader accord that will see Porsche eventually merge with Volkswagen, Europe's biggest carmaker.

Porsche owns just over half of VW, but its attempt to seize full control backfired as its debt mounted just as car markets collapsed. (Reuters)

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