The Porsche and Piech families have acquired the 10-percent stake held by Qatar Holding in Porsche Automobil Holding SE, allowing them to regain full ownership of the holding company. In a statement, supervisory board chairman Wolfgang Porsche remarked that regaining full ownership of the company is an expression of their confidence in the “prosperous future” of Porsche SE as the largest shareholder of Volkswagen AG.
Porsche SE owns 50.7 percent of VW's common shares. Frank Biller, an analyst with Landesbank Baden-Wuerttemberg, told Bloomberg that Qatar Holding's stake is valued at around EUR930 million ($1.24 billion), assuming that Porsche SE's common shares carry the same price as the publicly traded preferred stock.
Porsche spokesman Albrecht Bamler said the parties are not disclosing the acquisition price. Qatar said it is still fully committed to Volkswagen and intends to keep its 17 percent stake in the carmaker. Ahmad Al-Sayed, Qatar Holdings chief executive officer, said in the statement that as a long-term strategic investor, they believe that Volkswagen “represents a unique investment."
Porsche is facing combined EUR5.4 billion in claims in Germany connected to its botched takeover of Volkswagen around four years ago. Investors who filed the suit claimed that Porsche failed to markets about its plan to take over Volkswagen. Porsche SE sold its Porsche automaking business to VW in 2012 after lawsuits thwarted a bid to fully merge the two companies. [source: automotive news - sub. required]