Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Israeli strikes on Gaza as seen on social media

Read more

DEBATE

Africa's Newest Failed State: How to Stop Civil War and Famine in South Sudan? (part 2)

Read more

DEBATE

Israel and the Palestinians: How to Break the Cycle of Violence?

Read more

DEBATE

Africa's Newest Failed State: How to Stop Civil War and Famine in South Sudan?

Read more

AFRICA NEWS

Somalia : Al Shebab attack on presidential palace

Read more

FOCUS

Sharia law to be enshrined in British legal system?

Read more

ENCORE!

How a comedy dud became one of France's biggest box office hits

Read more

AFRICA NEWS

Kenya: Clashes at anti-government rally in Nairobi

Read more

WEB NEWS

ISIS leader challenged over expensive-looking wristwatch

Read more

  • Israeli airstrikes continue in Gaza as rockets intercepted over Tel Aviv

    Read more

  • Argentina beat Netherlands on penalties to reach World Cup final

    Read more

  • Foiled French jihadist ‘targeted Louvre and Eiffel Tower’

    Read more

  • Obama in Texas to urge congressional action on child migrant crisis

    Read more

  • Iraq’s heritage 'in danger' from ISIS militants

    Read more

  • Froome crashes out of Tour de France

    Read more

  • South Sudan independence heroes ‘have lost their way’

    Read more

  • 100 years on, the Tour de France returns to the Western Front

    Read more

  • Dozens of blindfolded bodies found south of Baghdad

    Read more

  • Alps Murder wife had ex-husband who died on same day

    Read more

  • Both candidates say they won Indonesian presidential election

    Read more

  • Brazil players should never wear 'sacred uniform' again, press says

    Read more

  • Exiled Syrian opposition elects new president

    Read more

  • Ukraine imposes new conditions on peace talks with pro-Russia rebels

    Read more

  • Sarkozy's UMP party 'almost €80 million in debt'

    Read more

Business

Qatar could invest seven billion euros in Porsche

©

Text by NEWS WIRES

Latest update : 2009-07-13

German car maker Porsche could be close to clearing a large part of its debts if Qatar confirms its intention to buy a seven billion euro stake in the company, as the German newspaper Der Spiegel reports.

AFP - The Gulf emirate of Qatar has offered seven billion euros (9.8 billion dollars) for a stake in Porsche, which would allow the German luxury sports car maker to clear a large part of its debts, a report said Saturday.
  
According to the weekly Der Spiegel, the Qatar Investment Authority would take 25 percent of Porsche Automobil Holding and options on Volkswagen shares currently held by Porsche.
  
In addition Volkswagen, which has proposed buying 49 percent of Porsche's core sportscar operations, has upped its bid to more than four billion euros, Der Spiegel said, without quoting sources.
  
Porsche has scheduled an extraordinary meeting of its supervisory board on July 23 to discuss offers by Qatar and Volkswagen, sources said on Friday.
  
Porsche has run up some nine billion euros in debt it accumulated in a failed attempt to increase its holding in VW, the biggest European car maker.
  
It currently owns about 51 percent of VW, which has made its counter offer in a boardroom drama between the carmakers' dominant influences, the Porsche and Piech families.
  
A takeover of Porsche by VW would reinforce the power of Ferdinand Piech, a major shareholder in Porsche and head of the VW supervisory board.
  
A deal with Qatar would boost Wolfgang Porsche and give his company a chance to renew its takeover bid for the much bigger VW, and preserve the chances of Porsche boss Wendelin Wiedeking keeping his job.
  
In late June, the Porsche group rejected VW's counter offer, saying it "is not a practical solution."
  
On Friday, the Porsche spokesman said however that for the automaker, "the goal remains the creation of an integrated group" with VW.

Date created : 2009-07-11

Comments

COMMENT(S)