Qatar seeks exclusive deal with Porsche
Porsche on Tuesday confirmed it was holding "exclusive talks" with Qatar regarding possible investment.
According to press reports, Qatar Investment Authority, the investment arm of the government, has expressed interest in purchasing as much as a 25% stake in Porsche, a move that would help the German automobile company with its current debt. Porsche's debt is believed to be around $12.5 billion after it used its stock options to buy Volkswagen last year. Porsche has a 51% stake in its sister automobile company.
Youssef Kamal, the Prime Minister of Qatar has recently announced his interest in the investment. The proposed investment deal would give Porsche more control in its merger talks with Volkswagen. The Piech and Porsche families are working on a deal that would join Porsche and VW in a group of ten automakers that includes Audi and Bentley. A spokesman from VW said he would support the investment from the Gulf state in order to move negotiations forward.
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