Don't miss

Replay


LATEST SHOWS

TALKING EUROPE

Guy Verhofstadt: Lack of EU asylum system is 'pushing people to come to Europe'

Read more

FOCUS

The health risk behind Argentina's soya paradise

Read more

TALKING EUROPE

Disability discrimination: Removing the obstacles to success

Read more

ENCORE!

Music show: Mumford & Sons and the 'Queen of British Blues'

Read more

FASHION

30th International Festival of Fashion and Photography in Hyères

Read more

THE WORLD THIS WEEK

The Right to Offend: Writers to Boycott Charlie Hebdo PEN Award

Read more

DOWN TO EARTH

Ethiopia's green renaissance

Read more

REPORTERS

Syria: On the trail of looted antiquities

Read more

MEDIAWATCH

The prosecutor who could save Baltimore

Read more

Business

Qatar buys first shares in Volkswagen

Text by NEWS WIRES

Latest update : 2009-08-28

Qatar has bought a 6.78 percent stake in Germany's Volkswagen in the first step of a plan to take over around 17% of the carmaker. The investment by the Gulf state will total seven billion euros and make it Volkswagen's third biggest shareholder.

AFP - The Gulf state of Qatar has taken a 6.78-percent stake in Europe's biggest carmaker Volkswagen as part of a plan to take over around 17 percent of the company, Volkswagen said on Friday.
  
Qatar's investment will total some seven billion euros (10 billion dollars) and the country will become the third biggest shareholder in Volkswagen behind the Porsche and Piech families and the German state of Lower Saxony.
  
The agreement is part of a broader deal hammered out this month to merge Volkswagen with luxury sportscar maker Porsche, which incurred heavy debts in a recent failed bid to take over its far bigger rival Volkswagen.
  
Volkswagen shares were down 1.54 percent at 136.82 euros on the Frankfurt stock market at 1400 GMT. The company's shares have fallen by 40 percent since August 13 when the Volkswagen-Porsche merger deal was announced.

Date created : 2009-08-28

COMMENT(S)