July 13, 2009

Porsche board to discuss offer from Qatar

The Porsche and Piech families will no longer own all of Porsche Automobil Holding SE of Frankfurt if a new deal is finalized, a Porsche spokesman said.

The firm will hold a supervisory board meeting July 23, a spokesman told The Wall Street Journal Friday. The board will discuss an offer worked out between Porsche's executive board and QIA.

Under the agreement, QAI, a state-owned investment firm will take a stake in the sports car market and take options of Volkswagen stock from Porsche.

Also on the agenda is an offer from Volkswagen to take a 49 percent stake in Porsche's sports car operations but sources close to the supervisory board say that deal has little chance of success because of the QAI deal.

The source told the Journal the QAI deal could be worth more than $7 billion.

No one was available from Volkswagen to comment and a spokesman from QAI would not comment, the newspaper said.