Porsche and Piech families buy Qatar’s 10% stake in Porsche SE

Article by Christian A., on June 17, 2013

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]

If you liked the article, share on:

Topics: porsche, qatar

Comments

Recommended

It has been nearly eight years since Toyota entered a new era of sports cars when it officially unveiled the production version of the Toyota 86 – also known as...
by - February 27, 2019
The new Audi TT RS – yes, the top version of the German carmaker’s facelifted TT model series – is now officially here. If you could remember, the range-topping TT...
by - February 18, 2019
Nearly half a year ago when McLaren Automotive unveiled the McLaren 600LT Coupe, the British carmaker is now introducing a version that lets its passengers enjoy the thrill of an...
by - January 25, 2019
German carmaker Volkswagen is now making the latest evolution of the new Volkswagen Golf GTI -- the new Golf GTI TCR. First unveiled as a concept at the annual GTI...
by - January 24, 2019
It has been three and a half years since BMW unveiled the sixth generation of the BMW 7 Series. Thus, it is really about to give the 7 Series a...
by - January 17, 2019