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Porsche 'seeks Middle East cash'
20 May 2009
Porsche is looking for Middle East investors to take a stake of up to 25 per cent of the company, according to reports.
It is suggested the move, which is believed to include talks with parties in Abu Dhabi and Qatar, could either be to keep the car maker independent or improve its position in further negotiations with VW.
VW and Porsche are still struggling to come to an agreement about a tie-in and talks are expected to resume later this week.
Porsche is struggling to service large debts it built up as it borrowed money to buy VW stock, in its own failed attempt to take control of the company.
Last weekend VW called off talks, saying Porsche was not ready for a merger.
Wolfgang Porsche, chairman of Porsche, and Ferdinand Piëch, chairman of Volkswagen, yesterday said in a joint statement that both still hoped to create an “integrated car manufacturer”.
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