Qatar eyes a Porsche stake
PORSCHE is in advanced talks with the Gulf state of Qatar about selling a substantial stake which could ease the debt-laden carmaker’s problems and give it the upper hand in its ongoing negotiations with Volkswagen (VW).
Wendelin Wiedeking, Porsche’s chief executive, is in negotiations which could see the Quatar Investment Authority (QIA) take a stake of as much as 25 per cent in Porsche Automibil Holding.
If the QIAdoes take a stake, it could boost Porsche’s chances of launching a takeover of VW.
Porsche has been collecting cash-settled options in VW for over three years. It also has a 51 per cent holding in the company, giving Porsche a total of 70 per cent ownership of VW.
Yesterday, VW’s chairman, Ferdinand Piech, also said he would be willing to consider an investment from the QIA.
Piech is locked in a struggle for control of VW against his cousin Wolfgang Porsche, who chairs the holding company that owns Porsche’s sports car business and 51 per cent of VW’s ordinary shares.
It is understood Qatar is also considering investing in VW directly by buying VW voting stock held by Porsche’s derivative trading partners.
VW said it would support investment from Qatar. VW said: “In principle we view this positively.”
Meanwhile, BMW said yesterday it had sold 109,042 vehicles last month, down 18.3 per cent from the same month last year. In April, the carmaker reported a 24 per cent year-on-year decline.
Carmaker Audi also reported a fall in sales in May of six per cent to 82,800 vehicles.