QATAR Holding, the investment arm of the Gulf state’s sovereign wealth fund, has sold its 10 per cent stake in Porsche to the luxury carmaker’s family shareholders, four years after it first invested in the firm.
Qatar Holding, which owns stakes in some of the world’s largest companies, said it sold the common shares in the firm to the Porsche and Piech families. It did not disclose the value of the transaction.
The sovereign fund arm said it remained committed to the Integrated Automotive Group, which includes Volkswagen and Porsche, through its 17 per cent stake in VW. Europe’s largest car firm last year sealed the purchase of Porsche’s car-making business after a merger failed in a tangle of legal disputes.
“This transaction results as a logical step after the creation of the Integrated Automotive Group between Volkswagen and Porsche AG as finalised in 2012,” Qatar Holding said in the statement.
Neither party gave any details of the price paid for the stake. Porsche was forced to sell a 10 per cent voting stake to Qatar Holding in 2009 as a way to prop up its strained finances.
Shares in Porsche closed up nearly one per cent yesterday.
City A.M. Reporter