The German sports car manufacturer Porsche has sold the emirate's sovereign wealth fund of Qatar to 10% of its voting capital (8.75 million shares), according to a communication sent yesterday by the company to German financial regulator, BaFin.
The company said the voting rights acquired by Qatar Porsche will keep different entities, among which are Qatar Holding, Qatar Investment Authority, Qatar, Qatar Holding Holding Luxembourg Nederlands.
This operation comes as part of the shares that Porsche is being targeted to increase its capital, in order to cope with debt of more than 10,000 million incurred as part of the buying process more than 50% interest in the Volkswagen group.
Porsche has also sold to Qatar a large part of the shares he held in Volkswagen, the first manufacturer in Europe. The Stuttgart-based company would receive 80 euros for each common share of the Volkswagen group that sells the Qatar sovereign wealth fund as part of the integration between the two automakers.
The boards of Volkswagen and Porsche adopted the Aug. 14 acquisition of 42% of the shares in the company of luxury cars by the consortium of Wolfsburg by 3,300 million euros, in an integration process which aims to complete 2011. The resulting group will have 10 brands (Volkswagen, Audi, Seat, Skoda, Porsche, Scania, Bugatti, Lamborghini, Bentley and Volkswagen Commercial Vehicles).
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