Qatar buys 10 percent of Porsche, options for 20 percent of VW

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Aug 14, 2009 | 06:55 PM

Jack628

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Qatar buys 10 percent of Porsche, options for 20 percent of VW

The era of the Porsche and Piech families controlling the German sports car maker looks like it will soon be drawing to a close of sorts. Following quickly after yesterday's approval by the Volkswagen supervisory board of a merger agreement with Porsche, Qatar moved in to take a stake today. The Persian Gulf emirate has bought 10 percent of the Porsche SE holding company as well as the options that Porsche held on 20 percent of VW shares, though no purchase price has been announced.

When Porsche started making its big move for control of VW last year, it ended up with way more options than it could afford. It's still not entirely clear who will own what when the whole deal is done in 2011, but it appears that Qatar may end up as one of the biggest shareholders of the combined company. What stake will be owned by the Porsche and Piech families is unknown. Even as the families cede control of Porsche, Ferdinand Piech remains firmly in charge back in Wolfsburg.

[Source: Porsche]