Porsche's controlling families agree to sell 25 per cent of shares
15 June 2009

The Gulf state of Qatar is moving closer to acquiring a 25 per cent stake in Porsche, after two of the company's controlling families gave their approval to a deal.

German newspaper Der Spiegel said Qatar and adviser Credit Suisse completed their due diligence on the stake plan last week.

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It also reported that the Porsche and Piech families have given their approval to the deal, even though they have previously never allowed outsiders to acquire any of it.

Porsche is under pressure to take outside investment as it has nine million Euros (£7.6 million) of debt, which it racked up during its ambitious but failed attempt to takeover VW.

Porsche declined to comment on the reports.

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