Qatar to Decide on Porsche in Two Weeks

The outcome of a possible deal between German manufacturer Porsche and Qatar based investors may be announced in two weeks time, Sheikh Hamad bin Jassem al-Thani, the country's prime minister told the Gulf Times.

"We are still discussing the stake. According to the legal agreement between the two parties, neither of them is allowed to disclose any information about it before it is sealed," the minister said.

Both families who own Porsche, Piech and Porsche, back the deal. The difference of opinion between the two sides regarding the future Volkswagen-Porsche merger seem to have been set aside, as they now look at the money they will get from the sale of 25 percent of Porsche's stakes.

A deal between the two sides would allow Porsche's debt to be diminished and ease the way towards the merger, despite the fact that it would at the same time mean that the two families lose control of the company.

The sale will involve a capital increase of up to 4.5 billion euros ($6.2 billion) for Porsche, money they desperately need due to the 16.2 billion euro debt Porsche is said to hold.

Qatar's interest in a stake in Porsche has been around since April, when reports about the country's plans to buy a stake in the sport-car manufacturer first surfaced. It was probably not until mid May when this became almost a certainty.

Back then, Lower Saxony, through the voice of Christian Wulff, a spokesman for the state's prime minister, said the doors are opened to all those who want a slice of the manufacturer.
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About the author: Daniel Patrascu
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Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies.
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