Qatar Holding Sells 10% Stake in Auto Investment to Porsche and Piëch Families
Qatar Holding, the sovereign wealth enterprise of the Qatar Investment Authority (QIA), sold their 10% stake in Porsche Automobil Holding SE to the automaker families of Porsche and Piëch. The Porsche and Piëch families control Porsche’s holding company which holds around 50.7% of Volkswagen AG common stock. The deal gives the family 100% of the voting rights.
In response to the transaction, Qatar Holding said it remains committed to the Integrated Automotive Group through its 17% stake in Volkswagen AG. Qatar Holding views Volkswagen as a unique investment. Back in 2009, Porsche was troubled with finances and sold a 10% voting stake to Qatar Holding. At the time, Porsche stacked up €10 billion in debt trying to buy Volkswagen
“This transaction results as a logical step after the creation of the Integrated Automotive Group between Volkswagen and Porsche AG as finalized in 2012,” Qatar Holding said in the statement.
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