Qatar Holding LLC Acquires Major Investment in German Automotive Companies
Holding”) announced today that it has reached a final agreement with Porsche
Automobil Holding SE (“Porsche” or “PSE”) and the family shareholders of
Porsche on Qatar Holding’s investment in Volkswagen AG (“Volkswagen” or
“VW”), Porsche and the integrated car manufacturing group which is expected
to result from the combination of VW and Porsche.
Under the agreement, Qatar Holding will acquire from PSE cash settled
options on Volkswagen shares. Following the closing of the transaction and
after having received all regulatory approvals, Qatar Holding is subsequently
planning to acquire 17 percent of Volkswagen ordinary shares thus becoming
the third largest shareholder alongside PSE and Lower Saxony. Qatar Holding
will also acquire a 10% shareholding in PSE common shares from the Porsche
and Piech families and provide PSE with financing by contributing to PSE’s
existing syndicated loan facility. Qatar Holding’s overall investment
commitment across all components is in excess of
Porsche will establish research and development and testing facilities in
areas of co-operation in the fields of research and development, technical
service and support in the
His Excellency Sheikh
and Minister of Foreign Affairs of
today a major investment in one of the largest automotive groups in the world
and one of the largest industrial groups in
consistent with the vision of His Highness the Emir to invest in world-class
global companies that benefit the
economy and producing strong and stable long-term financial returns. Porsche
and Volkswagen are great additions to our investment portfolio. They will
also bring additional benefits to the
development, technology and training.”
Dr
will continue diversifying its global investment portfolio and today’s
agreement marks another significant step in that process. This is a signature
investment for Qatar Holding and represents our first diversification into
industrial manufacturing. We are delighted to be investing in what will be a
giant in the global automotive industry and believe that this agreement
represents a good outcome for all the parties involved.”
The Porsche and Piech families, Porsche, as well as Volkswagen and Lower
Saxony have welcomed Qatar Holding as a new long-term strategic investor.
Today’s announcement is a further advancement in the discussions between PSE
and VW to create an integrated car manufacturing group.
with Porsche and Piech families, the State of Lower Saxony, the managements
of Porsche and Volkswagen, and to invest in Volkswagen and Porsche – two of
the world’s most respected automotive companies. As a long-term strategic
investor, we believe that the combination of Porsche and VW represents a
unique investment opportunity for Qatar Holding and we are pleased to play an
integral role in bringing these two great companies together. We look forward
to making a contribution to the success of the combined group and to explore
new avenues of cooperation within the
and related technologies.”
NOTES TO EDITORS:
QATAR HOLDING LLC
Qatar Holding LLC is established as the strategic and direct investment
arm of Qatar Investment Authority. With the vision of becoming a world class
investment corporation and the preferred partner of choice for investors,
financiers and other stakeholders; it is envisaged that the already
significant investment portfolio of Qatar Holding will continue to grow. Key
investment assets of Qatar Holding include Barclays plc, Credit Suisse Group,
J Sainsbury plc, Qatar Exchange, Qatar Telecom, Qatar National Bank, London
Stock Exchange and Lagardere SCA.
SOURCE Qatar Holding LLC