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VW backs Qatar buying stake
Volkswagen would support Qatar taking a substantial voting stake in either its debt-laden parent Porsche or in VW itself, Europe's largest carmaker said.
"In principle we view this positively since it would accelerate the process to form an integrated group with 10 brands," a VW spokesman said yesterday, using phrasing approved by both companies.
They are considering merging after Porsche dropped attempts to take full control of VW.
VW's Chairman Ferdinand Piech is locked in a struggle for control with his cousin Wolfgang Porsche, who chairs the holding company that owns Porsche's sports car business and 51 per cent of VW's ordinary shares.
Focus magazine said Qatar was considering either taking a stake in the listed company Porsche Automobil Holding via a capital increase, or in VW directly by buying VW voting stock held by Porsche's derivative trading partners.
Hussein Al Abdullah, the Executive Director of Qatar Investment Authority declined to comment as did its Minister of State for Foreign Affairs, Ahmad Al Mahmood.
"In principle we view this positively since it would accelerate the process to form an integrated group with 10 brands," a VW spokesman said yesterday, using phrasing approved by both companies.
They are considering merging after Porsche dropped attempts to take full control of VW.
VW's Chairman Ferdinand Piech is locked in a struggle for control with his cousin Wolfgang Porsche, who chairs the holding company that owns Porsche's sports car business and 51 per cent of VW's ordinary shares.
Focus magazine said Qatar was considering either taking a stake in the listed company Porsche Automobil Holding via a capital increase, or in VW directly by buying VW voting stock held by Porsche's derivative trading partners.
Hussein Al Abdullah, the Executive Director of Qatar Investment Authority declined to comment as did its Minister of State for Foreign Affairs, Ahmad Al Mahmood.