The Gulf state of Qatar has made a bid for Porsche, according to media reports.
German newspaper Der Spiegel is reporting that Qatar has offered about seven billion euros (£6 billion) for a stake in Porsche, plus its Volkswagen AG stock options.
The report says the Qatar Investment Authority will buy just over 25 per cent of the Porsche Automobil Holding parent company, as well as options the sports car manufacturer holds in Volkswagen.
Volkswagen is reported to have offered four billion euros (£3.5 billion) for 49.9 per cent of Porsche’s car making operations, Spiegel said.
Porsche holds owns 51 per cent of VW, plus options for a further 20 per cent of the shares.
The Piech and Porsche families, who control Porsche, have scheduled a supervisory board meeting for 23 July to discuss the bids by Qatar and Volkswagen.
Porsche and Qatar have declined to comment on the reports.