Porsche board set to meet next week to discuss Qatar deal
16 July 2009

Porsche is closing in on a deal with Qatar which would reduce the struggling sportscar maker’s ten billion euro (£8.5 billion) debt.

Porsche chairman Wolfgang Porsche has reportedly called a board meeting for 23 July to discuss the Qatari investment.

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The German firm owns a 51 per cent holding stake in VW, which is pressing for the two companies to merge. Porsche is not keen on this situation and would rather do a deal with Qatar.

Porsche and VW have organised separate board meetings on the same day, which suggests that a deal between the two firms is not close.

Sources close to the Porsche/Qatar deal told Reuters that the Gulf state would invest five billion euro (£4.28 billion) in Porsche.

This figure would be matched by the Porsche and Piech families which control Porsche, with the aim to clear the firm’s debt and press ahead again with its takeover of VW.

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In return, Qatar would receive around 20 per cent of Porsche’s voting stake in VW.

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