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Tue 21 Jul 2009 08:38 PM

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Qatar Holdings in talks on $6-7bn loan

Bankers say loan being raised 'for general corporate purposes' may be used for possible Porsche stake.

Qatar Holdings, which manages strategic and direct investments by the State of Qatar, is talking to banks about a $6-7 billion loan linked to its possible investment in Porsche, bankers said on Tuesday.Qatar Holdings is talking to five or six banks about the loan which is being raised for 'general corporate purposes' and would have recourse to the State of Qatar, a banker close to the deal said.

Three other bankers close to the deal said that they are working on loan structures directly linked to the acquisition of Porsche shares.

"Qatar Holdings is seeking to monetise the value in Porsche shares and borrow against their value. Are they planning to buy Porsche shares? Yes absolutely, but how and when they are keeping to themselves," the first banker said. (Reuters)

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