Porsche SE’s supervisory board will discuss a possible sale of a stake to the Gulf state of Qatar at its next meeting on 23 July, rebuffing plans by Volkswagen to push forward a merger of the two carmakers, according to the German daily Bild.
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The newspaper, citing company sources, said that the two rival factions that control Porsche SE were expected to discuss the possibility of relinquishing complete control of the company for the first time to gain fresh funds and reduce the EUR9bn (US$12.5bn) in debt the holding company has racked up while accumulating 51% of the shares in VW.
Volkswagen chairman Ferdinand Piech, a part owner of Porsche SE who together with his brother holds a blocking minority, was expected to push at the meeting for his plan for VW to buy a 49.9% stake in Porsche AG, the healthy sportscar maker grouped under the financially ailing holding company.
Bild said that VW also wanted to retain the right to buy the remaining 50.1% of Porsche AG. Sources told Reuters last week that Porsche chairman Wolfgang Porsche had called an extraordinary supervisory board meeting for 23 July to discuss a possible stake sale to Qatar worth over EUR5 bn (US$7 billion).
