Qatar buys 10% of Porsche, maybe VW

Porsche Automobil Holding SE and Qatar Holding LLC have signed an agreement signaling the beginning of Porsche’s sellout to the Arabs. In the afternoon, the Chairman of the Supervisory Board of Porsche SE, Dr. Wolfgang Porsche, welcomed the high-ranking delegation from Qatar led by Prime Minister of the Emirate, Sheikh Hamad ibn Jassim ibn Jabir Al-Thani, to the historical Porsche Villa located on Killesberg Hill outside of Stuttgart. There, the two men signed two contractual agreements.

The Prime Minister of the Emirate of Qatar signed the purchase agreement with which Qatar will acquire 10% of the ordinary shares of Porsche SE. As spokespersons for the family shareholders, Dr. Wolfgang Porsche and Hans Michel Piëch also signed the agreement. The second agreement, which provides for the takeover by the Emirate of a major share in the cash settled options relating to Volkswagen shares, was signed by Ahmad Al Sayed, CEO of Qatar Holding, and Chairman of the Executive Board of Porsche AG, Michael Macht, as well as his Deputy Chairman, Thomas Edig, who are both members of the Executive Board of Porsche SE.

Dr. Wolfgang Porsche gave the Emirate of Qatar a warm welcome as a new member of the Porsche shareholder family and declared: “Today is a historic day for us. For the first time in Porsche’s history, an external investor has acquired a holding of ordinary shares that so far have been solely owned by the family members of Porsche and Piëch.” The Porsche and Piëch families, continued Supervisory Board Chairman, have expressly welcomed the decision of the Emirate to become a shareholder in the company and, at the same time, to take on a major holding in the options to VW ordinary shares held by Porsche. “This will not only improve Porsche’s liquidity situation, but it is also an important step on the predestined road to an integrated automobile company, which we intend to forge together with Volkswagen,” explained Dr. Porsche.

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