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Porsche Sets Stage for Qatar Deal

Wall Street Journal - Jul 10, 2009

Porsche Automobil Holding SE will hold an extraordinary supervisory board meeting July 23, setting the stage to clinch a deal with Qatar Investment Authority in a critical step to shore up its balance sheet after months of uncertainty.

A Porsche spokesman Friday confirmed the meeting was planned. He added that it remained the goal of Porsche's supervisory board to forge an integrated company with Volkswagen AG.

Getting an outside investor on board would mark a shift for the Stuttgart-based auto maker, where the Porsche and Piech owner families currently control 100% of the voting rights.

A person close to the supervisory board said the board was set to discuss an offer worked out between Porsche's executive board and QIA for the state-owned investment firm to take a stake in the German sportscar maker, as well as acquiring options on Volkswagen stock from Porsche. The deal could be worth more than 5 billion ($7 billion), the person said.

Read Full Article from Wall Street Journal

- Posted: 2009-07-10 10:46:20


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