Porsche confirms exclusive talks with Qatar investment fund
By APWednesday, June 10, 2009
Porsche confirms investment talks with Qatar
BERLIN — Porsche is in exclusive talks with a Qatar state investment fund looking to take a stake in the German sports carmaker, a spokesman confirmed Wednesday.
Porsche Automobil Holding SE spokesman Albrecht Bamler would not disclose specifics, but said that “the talks are taking place in a good atmosphere.”
Stuttgart-based Porsche owns nearly 51 percent of Volkswagen but ran up debt as it increased its stake. It is seeking an investor to help pay down debt as it looks to form an integrated company with Wolfsburg-based VW.
The Qatar Investment Authority is the small, energy-rich state’s primary investment vehicle.
Unlike other Gulf state funds, it has not invested heavily in carmakers. But Qatari officials have said the country was eyeing German carmakers, including Porsche.
