His Excellency Sheikh Jassim Bin Abdulaziz Bin Jassim Al-Thani elected
Stuttgart. On Friday, the annual general meeting of Porsche Automobil Holding SE, Stuttgart elected His Excellency Sheikh Jassim Bin Abdulaziz Bin Jassim Al-Thani (31) as a representative of Qatar Holding LLC, Doha, onto the supervisory board of the company. He replaces the former member of the supervisory board, Mr. Hans-Peter Porsche (69), who retired from office effective the end of the annual general meeting. Sheikh Jassim Bin Abdulaziz Bin Jassim Al-Thani has been appointed for the remaining four-year period of Hans-Peter Porsche’s appointment. Qatar Holding LLC through its fully owned subsidiary Qatar Holding Germany GmbH, Frankfurt, holds ten percent of the ordinary shares of Porsche SE.
By KATHARINA BECKER and WILLIAM LAUNDER
FRANKFURT — Volkswagen AG said Friday it would raise €4 billion ($5.7 billion) in capital to acquire a stake in the operating business of Porsche, as it fleshed out details of the highly indebted luxury sports-car maker’s merger with VW.
Volkswagen plans to acquire a 42% stake in Porsche AG, the sports-car arm and a 100% subsidiary of holding company Porsche Automobil Holding SE, for €3.3 billion by the end of 2009. A new name for the company created through the merger of Porsche and Volkswagen is yet to be decided, Volkswagen said.
Porsche said on Friday that Qatar Holding LLC will acquire 10% of the ordinary shares of the Porsche holding company from the family owners and the majority of Porsche’s cash-settled options on Volkswagen shares, freeing up more than €1 billion for Porsche that is currently serving as collateral for the options structure.
Contract signing seals the deal
Stuttgart. This Friday, in a festive ceremony, Porsche Automobil Holding SE, Stuttgart, and Qatar Holding LLC (QH) signed an agreement signaling the entry of the Emirate of Qatar into the Porsche SE family. 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, Sheik Hamad ibn Jassim ibn Jabir Al-Thani, to the historical Porsche Villa located on Killesberg Hill outside of Stuttgart. There, in the presence of the Minister President of Baden-Württemberg, Günther Oettinger, the two men signed two contractual agreements.
Editor: Chuck Penfold
German luxury sportscar maker Porsche says it’s negotiating with the Gulf state of Qatar as the exclusive candidate to buy a stake in the heavily-indebted company.
A Porsche spokesman in Stuttgart confirmed the news amid speculation of the possible involvement of a Middle Eastern investor. Details are still sketchy, but the Financial Times newspaper quoted sources close to the talks as reporting that the Qatar Investment Authority was interested in a stake of up to 25 percent in Porsche’s holding company.
Analysts say such an investment would considerably strengthen Porsche’s bargaining power in troubled merger talks with Volkswagen.