Qatar may acquire stake in Porsche

Dina Almohamadi
For Al-Shorfa.com
2009-06-20

A German Porsche sports car on display. (Reuters)

DOHA - In an effort to increase its capital and repay its debts, German luxury carmaker Porsche is considering selling 25 percent of its company shares to the government Qatar.

Sources close to the parties said that negotiations between Porsche Chairman Vindlin Viedking and the Qatar Investment Authority are progressing smoothly. The Qatari party reportedly gave a verbal pledge of assistance to Porsche. It also indicated the possibility that a final agreement would be reached by next week.

A spokesman for Porsche reportedly said, “At this time, we are only talking to Qatar. The talks look promising, and all possibilities are under discussion.”

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Negotiations are ongoing between Porsche and the Qatari Investment Authority, which was founded in 2003. The goal of the authority is to form an investment fund that strengthens the Qatari national economy by diversifying assets and minimising state reliance on revenues from oil.

Last week, Qatari Minister of Finance Yousef Kamal told Reuters that his country is still studying the issue of acquiring a stake in Porsche.

Sources:

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