Qatar Holding has sold its 10% stake in Porsche to the automaker’s family shareholders.
“All of Porsche SE’s common stock is now again held by the Porsche and Piech families, ” Wolfgang Porsche, supervisory board chairman, said in a statement today. “This is an expression of our confidence in the prosperous future of Porsche SE as the largest shareholder of Volkswagen AG.”
Qatar Holding, which is the investment arm of the Golf state’s sovereign wealth fund, announced it had sold its 10% stake in Porsche to the Piech and Porsche families. The value of the transaction was not disclosed. Qatar also has a 17% stake in VW, to which it remains committed according to the company’s official.
“As a long-term strategic investor, we believe that Volkswagen represents a unique investment,” Ahmad Al-Sayed, Qatar Holdings chief executive officer, said in the statement. “We look forward to continue making a significant contribution to the future success of the combined group.”
Frank Biller, an analysts at Landesbank Baden-Wuerttemberg, said that the family’s interest is to hold 100% of Porsche’s voting rights and that he believes that for this transaction Qatar got a higher price than the one it has previously paid to acquire the stake.
Source: Reuters, Bloomberg