GERMANY: Porsche board to discuss Qatar investment
Porsche SE has convened a supervisory board meeting for 23 July to discuss a possible investment by the Gulf state of Qatar, according to people familiar with the matter.
Proposals are said include an offer by Qatar to acquire a stake in Porsche's holding company as well as options that can be converted into Volkswagen AG shares, and an alternative plan for Porsche to sell 49% of its automotive division to VW.
A stake sale to the Persian Gulf state would help bolster finances at Porsche, which is strained by more than EUR9 bn (US$12.5 bn) in debt built up while accumulating its 51% stake in VW.
Porsche has now abandoned its plan to take over VW while the Porsche and Piech families, which own all of Porsche SE's voting shares, agreed in May with VW to pursue a merger.