Porsche is in advanced talks about selling a large stake to the Gulf state of Qatar that could ease the sports car maker??s financial difficulties.Wendelin Wiedeking, Porsche??s chief executive, is talking to the Qatar Investment Authority (QIA) about taking a stake of up to 25 per cent in its holding company, according to people familiar with the talks.
They said QIA was examining Porsche??s books and a deal could be announced within weeks.
A possible investment by the Middle East fund would considerably strengthen Porsche??s clout in its merger talks with Volkswagen, potentially putting the sports carmaker back in control in the saga surrounding Europe??s largest carmaker.
Any investment by QIA would come as part of a capital increase of up to ?4.5bn. The Porsche and Piëch family owners would also participate in the capital raising.
The price QIA was willing to pay for a large stake in Porsche is undisclosed. Porsche??s current market value is ?8.2bn; a 25 per cent stake would be worth more than ?2bn. A sale to an outside investor would break with a taboo of the sports carmaker??s family owners. In the 1980s, the family blocked an attempt by one Piëch family member to sell to an Arab investor.
Volkswagen said on Monday it would support investment from Qatar. ??In principle we view this positively since it would accelerate the process to form an integrated group with 10 brands,? a spokesman said.
