Porsche family members meet to discuss carmaker′s future | Germany| News and in-depth reporting from Berlin and beyond | DW | 12.07.2009
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Porsche family members meet to discuss carmaker's future

Rival family owners of German car firm Porsche have met to discuss the future of the beleaguered company. The meeting comes a day after reports that Qatar wants a stake in Porsche.

A question mark is superimposed on to a Porsche logo

Speculation is rife about who will win the Porsche deal

The meeting in the Austrian city of Salzburg is thought to have been a precursor to an extraordinary meeting of Porsche's supervisory board on July 23. It is unclear what was discussed at the meeting, but the bid from the Gulf emirate of Qatar would surely have been on the agenda.

The state-run Qatar Investment Authority has reportedly offered seven billion euros for a 25-percent stake in Porsche Holding SE and options on Volkswagen shares held by Porsche.

German newsmagazine Der Spiegel has also reported that Volkswagen has increased its bid to more than four billion euros for a 49-percent stake in Porsche's sports car operations. Porsche rejected Volkswagen's earlier offer of three to four billion euros, saying it was not a "practical solution."

The Porsche logo and the Volkswagen logo

Porsche currently owns 51 percent of Volkswagen

Porsche needs a cash injection to help it cover debts of nine billion euros, accumulated as a result of a attempt to increase its stake in Volkswagen last year. It won the bulk of the shares, but not control in the Wolfsburg-based company.

German automotive analyst Ferdinand Dudenhoeffer told Deutsche Welle that he thinks Qatar is the best option because the deal would bring "fresh money" into Porsche and VW.

Dudenhoeffer says however that Ferdinand Piech, the head of Volkswagen's supervisory board and a major shareholder in Porsche, is the one person who could stand in the way of a deal with Qatar.

Piech stands to benefit from a deal with Volkswagen, whereas a deal with Qatar would clear a large chunk of Porsche's debt and strengthen the position of Porsche CEO, Wendelin Wiedeking, who is deeply opposed to Piech's plans to integrate Porsche into Volkswagen.

A Porsche spokesperson said on Friday that the company's goal remained "the creation of an integrated group" with Volkswagen.

Author: ca/dpa/AP/AFP/Reuters

Editor: Kyle James

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