Porsche Confirms It Backs Qatar Deal

As we reported a few hours ago, Sheikh Hamad bin Jassem al-Thani, Qatar's prime minister told the Gulf Times that his country is expecting a definitive answer regarding Qatari involvement in German manufacturer Porsche to come in at most two weeks.

Meanwhile, a Financial Times Deutschland report, also published today, said that one of Porsche's owners, Ferdinand Piech, was opposing such a deal, blocking the quick entry of the emirate in the company.

As a response, Porsche has issued a press release, stating its position the matter. Together with denying Piech's opposition, Porsche has also confirmed Qatar's interest. Furthermore, rumors regarding Volkswagen's management and work council requests to talk to Qatari representatives before a deal with Porsche is concluded, were also denied.

Below we list Porsche's press release.

"The Financial Times Deutschland reported today, under the headline "Qatar's Entry at Porsche Goes Wrong", that Ferdinand Piëch had initially blocked the quick entry of the emirate at Porsche Automobil Holding SE. This information is incorrect."

"The family stands unanimously behind the talks with an investor. A family meeting, at which Ferdinand Piech supposedly prevented a quick entry of Qatar at Porsche (as reported today by the FTD), did not take place."

"There is also a family consensus that the demand from Wolfsburg, stating that prior to entry, Qatar must first enter talks with the Volkswagen management and the Volkswagen works council, is completely unfounded. The topic of Qatar is purely a concern of the owners, and it will be dealt with exclusively in Porsche SE."

"The FTD article is nothing more than a transparent, destructive action, which we won't allow to distract us from our course."