State of Qatar interested in buying Porsche stake

With a total of €8.8 billion of debt which it racked up in a failed attempt to acquire majority stake in VW, Porsche is currently having difficulties. The State of Qatar is planning on taking a stake in Porsche since they have been looking for opportunities to present themselves in the automotive industry.

Previously, they were speculating a stake in a German company, which they later names as Porsche. IPIC company, a state controlled firm in Abu Dhabi, bought a 9.1 stake in Daimler at 2 billion euros through Aabar, an exchange-listed investment car.
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inspirion7 - 6/5/2009 1:05:00 PM

+1 Boost

Of course this is nothing like GM, but being broke is broke just the same. Wow if someone other than VW owns Porsche, there will be rioting in the streets. I thought Porsche just showed a profit of almost a billion dollars. This prestige company can't borrow against its name? WTH.

Agent63 - 6/5/2009 5:11:14 PM

+1 Boost

I thought Porsche owns stakes of VW not the other way around. Qatar owning a portion of Porsche isn't a bad thing though. I see them helping the Stuttgart company since Arabs know prestige. Although I don't support it.

wins555 - 6/6/2009 12:55:44 AM

+2 Boost

IMHO, Porsche should have stuck to their own business instead of trying to seize control of VW which is 15 or so times greater in size compared to Porsche. What was Dr. Weideking thinking of?

SP2Hybrid - 6/6/2009 2:55:14 AM

+1 Boost

"9.1 stake in Daimler at 2 billion euros ..."

So that would value Daimler at roughly 22 billion euro. How the hell is then GM worth 50 billion of our money?