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Porsche family buys back 10pc stake from Qatar
Descendants of the German car pioneer Ferdinand Porsche have bought back a 10pc stake in the company that bears the family name from Qatar Holding, the investment arm of the Gulf State’s sovereign wealth fund.
All of the common shares in Porsche Automobil Holding SE are now held by the Porsche-Piech family, descendants of the engineer who founded the firm in 1931.
The Qatar deal strengthens the family’s control of Volkswagen, Europe’s biggest car-maker.
Porsche SE now exists solely as a holding company for stock in Volkswagen, which in turn makes the luxury cars. Porsche is the single biggest shareholder in VW, owning 50.7pc of the business.
Qatar Holding, which said it remained committed to the business through its 17pc stake in VW, did not disclose the sale price. Qatar’s sovereign wealth fund remains the third biggest shareholder in VW after Porsche and the German state of Lower Saxony.
The Qatar deal was a consequence of a disastrous attempt by Porsche to take over VW, which fell apart during the financial crisis and left the smaller firm on the brink of bankruptcy.
Porsche sold a 10pc voting stake to Qatar Holding in 2009 in an attempt to prop up its finances. Last year, VW turned the tables, integrating Porsche’s car-making operations.
Ahmad Al-Sayed, chief executive of Qatar Holding, said: "As a long-term strategic investor, we believe that Volkswagen represents a unique investment and we are pleased to have played an integral role in bringing Volkswagen and Porsche AG together.”
Porsche SE shares were trading at €60.76 a share on Monday, up 0.36pc on the day. Volkswagen sold over 9m vehicles last year under brands that range from Bentley to Skoda.
Wolfgang Porsche, supervisory board chairman, said in a statement : “All of Porsche SE’s common stock is now again held by the Porsche and Piech families. This is an expression of our confidence in the prosperous future of Porsche SE as the largest shareholder of Volkswagen AG.”