Qatar Daily News

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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The latest update on the purchase of a stake in Porsche by the state of Qatar is that the government of Qatar has issued a statement that within two weeks they will release a result of the talks.

There are emerging reports saying that the Porsche and Piech families, who are in control of Porsche, favor the proposal that Qatar will be getting 25 percent stake in the struggling automaker. Read the rest of this entry »