Qatar will buy into Porsche only on condition that the families of Porsche and Piech put an end to their months-lasting feud, Financial Times Deutschland reported on Monday, citing insiders.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
This is because the emirate fears it may be caught in the middle of the conflict. Qatar wants to participate only as a friendly investor, a source close to the companies stressed.
The sports car maker had slipped into EUR9bn indebtedness after taking over a 51% stake in Volkswagen (VW). Now, both families argue on how the problem could be solved.
While Porsche’s chief supervisor Wolfgang Porsche supports the plan of CEO Wendelin Wiedeking envisaging Qatar to buy into the company, VW’s supervisory board chairman Ferdinand Piech is fighting for a partial sale of Porsche to VW. Both sides seek an alliance between the firms, however, it is still open who is to take control.
Porsche’s supervisory board is to take a decision in an extraordinary meeting scheduled for 23 July. A company spokesman confirmed the date.
