Porsche close to deal
June 13, 2009
According to Germany's Frankfurter Allgemeine Sonntagszeitung newspaper the emir of Qatar's stock unit would obtain twenty five percent of Porsche. Currently all the voting shares are held by the Porsche and Piech families.
Der Spiegel news magazine says that a "firm majority" within the families approved, overruling Ferdinand Piech, who is also chairman of the Volkswagen supervisory board. He has advocated absorption of Porsche into the VW Group.
Der Spiegel said Piech's personal shareholding in Porsche was not sufficient to block the takeover, and his brother, Hans Michel Piech, was on the side of the rest of the Porsche family on the issue.
The media reports suggest that a takeover agreement might be in place by the end of June.
Analysts say an investment by the QIA would considerably strengthen Porsche's clout in its merger talks with Volkswagen, potentially putting it back in the driving seat in the saga surrounding Europe's largest carmaker.
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Editor: Andreas Illmer