Photo: Porsche
The Porsche-Piech family has regained full control of the majority owner of Volkswagen Group after buying Qatar Holding’s ten percent stake in Porsche Automobil Holding SE.
"All of Porsche SE's common stock is now again held by the Porsche and Piech families," Wolfgang Porsche, supervisory board chairman, said in a statement today. "This is an expression of our confidence in the prosperous future of Porsche SE as the largest shareholder of Volkswagen AG."
"This transaction results as a logical step after the creation of the integrated automotive group between Volkswagen and Porsche AG as finalized in 2012," Qatar Holding said in a statement, adding it intends to hold onto the 17 percent stake it has in Volkswagen.
Transaction figures have yet to be revealed, but word has it the purchase would be worth about $1.25 billion.
Porsche SE was forced to sell a ten percent voting stake to Qatar Holding in 2009 in an attempt to make a quick exit from its financially-troubled waters. The sale meant that an entity outside the Porsche family had a say in the manufacturer’s future for the first time since the company was found back in 1948.
Story via AutomotiveNews
"This transaction results as a logical step after the creation of the integrated automotive group between Volkswagen and Porsche AG as finalized in 2012," Qatar Holding said in a statement, adding it intends to hold onto the 17 percent stake it has in Volkswagen.
Transaction figures have yet to be revealed, but word has it the purchase would be worth about $1.25 billion.
Porsche SE was forced to sell a ten percent voting stake to Qatar Holding in 2009 in an attempt to make a quick exit from its financially-troubled waters. The sale meant that an entity outside the Porsche family had a say in the manufacturer’s future for the first time since the company was found back in 1948.
Story via AutomotiveNews
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