Porsche sells 10 percent voting stake to Qatar
Published: September 17th, 2009
The Qatar sale gives outsiders a say in the debt-saddled family-controlled auto group for the first time since it started building Porsche branded cars in 1948 and comes just after it was forced to sell part of its sportscar business to VW.
Porsche is selling a 42 percent stake in Porsche AG for about 3.3 billion euros ($4.7 billion) and also sold a package of cash-settled options on VW shares to Qatar which the company said would free up 1 billion euros in cash for Porsche.
The derivatives deal will give Qatar access to a 17 percent stake in Volkswagen, Europe’s biggest car maker, a person familiar with the deal said.
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