Volkswagen has sold a 17 per cent stake in its company to the investment arm of the Qatari government, according to reports.
Qatar’s stake, reported this morning by business media, follows the resignation of Porsche CEO Wendelin Wiedeking yesterday and VW’s announcement that it plans to takeover Porsche.
The Middle Eastern state will now become the third largest stakeholder in VW after Porsche and the German state of Lower Saxony.
Some of Porsche’s voting options in VW will be transferred to Qatar and in return, Qatar will lend Porsche €750 million (£650 million) to help ease its financial woes.
Porsche board member Michael Macht will replace Wiedeking as Porsche CEO.