German media reports claimed Porsche had received five bids for its VW voting stake
6 July 2009

Porsche has denied reports that it has received up to five bids for its stake in VW.

German media reports over the weekend suggested that Porsche was willing to sell part of its voting stake in VW to raise funds but a Porsche Germany spokesman dismissed these claims.

Porsche had reportedly received offers from China and Russia, as well as from hedge funds.

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Members of the Porsche board are set to meet in the next fortnight to discuss the bid from Qatar for a stake in the struggling sports car manufacturer. The outcome of these talks is likely to dictate any potential merger between Porsche and VW, with a decision expected by 15 July

Porsche currently owns a 51 per cent stake in VW but its precarious financial position has led to VW reportedly putting pressure on Porsche for the two firms to merge.

Funding options for Porsche seem to be drying up after a leading German politician said it would be unlikely Porsche would receive anymore money from state banks.

Hans-Ulrich Ruelke, chairman of one of the two ruling parties in Germany, said it would be difficult to receive any additional funds because of the large amount of state loans it had already received.

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Mark Tisshaw

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