Porsche closing in on a deal with Qatar
By Andrew C., 30 Aug, 2010. 0 Comments
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Porsche is moving towards entering a deal with Qatar to reduce its ten billion euro debt. Wolfgang Porsche has called a board meeting on July 23 to discuss the Qatari investment. VW also has organized a separate board meeting that same day. Porsche owns a 51% holding stake in VW, which wants the two companies to merge. Porsche said that it would rather do a deal with Qatar, which is willing to invest five billion euro, according to Reuters. Porsche and the Piech families, which control Porsche, are aiming to clear the debt and resume its original plans to take over VW. Qatar, in return, would receive 20% of Porsche's voting stake in VW.
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