Porsche to discuss Qatar deal on July 23
Porsche Automobil Holding SE has confirmed that it would hold a supervisory board meeting on July 23 to mull over the settlement with Qatar Investment Authority.
An intimate source informed that Chairman Wolfgang Porsche would discuss issues regarding the feasible sale of a stake in Porsche SE to Qatar worth over 5 billion euros.
Apart from sale of a stake in Porsche SE, Qatar’s purchasing options on VW stock which are still held by Porsche will also be discussed in the meeting.
The board will also ponder over offer from Volkswagen to take a 49% stake in Porsche's sportscar operations.
But Volkswagen’s offer will have little importance in case, deal with Qartar becomes successful.
Porsche, which holds 51% stake in Volkswagen, also possesses a set of options to increase its stake by around 20%. Although Porsche's net debt soared to €9 billion when it built its holding, making future financing from banks tricky.
However, according to Michael Punzet, DZ Bank analyst it is still uncertain if Qatar would invest straightly in Porsche or invest in Porsche's options in Volkswagen or both.
In the recent trading, Porsche shares closed up 0.4%, while Volkswagen shares closed up 1.9%.