June 17, 2013 11:19 CET
BERLIN (Bloomberg) -- The Porsche-Piech family bought Qatar Holding's 10 percent stake in Porsche Automobil Holding SE to regain full control of the majority owner of Volkswagen Group.
The holding company's only asset is 50.7 percent of VW's common shares. Porsche SE sold its Porsche car business to VW last year after lawsuits scuttled an effort to fully merge the two companies.
"All of Porsche SE's common stock is now again held by the Porsche and Piech families," Wolfgang Porsche, supervisory board chairman, said in a statement today. "This is an expression of our confidence in the prosperous future of Porsche SE as the largest shareholder of Volkswagen AG."
Qatar's stake is worth about 930 million euros ($1.24 billion), assuming Porsche SE's common shares are valued at the same price as the publicly traded preferred stock, said Frank Biller, an analyst with Landesbank Baden-Wuerttemberg.
The family and Qatar aren't disclosing the price, said Albrecht Bamler, a Porsche spokesman. Porsche's SE's preferred stock was little changed as of 9:26 a.m. CET in Frakfurt trading, valuing the Stuttgart, Germany-based company at 18.6 billion euros ($24.8 billion).
Legal wrangles
Porsche is facing legal claims in Germany seeking a combined 5.4 billion euros linked to its aborted takeover of Volkswagen more than four years ago. Investors say Porsche failed to inform the markets about its takeover plan. Porsche has repeatedly denied the claims.
Qatar Holding, the investment arm of the Gulf state's sovereign wealth fund, said it remains fully committed to Volkswagen and plans to keep its 17 percent stake in Europe's largest automaker.
"This transaction results as a logical step after the creation of the integrated automotive group between Volkswagen and Porsche AG as finalized in 2012," Qatar Holding said in a statement.
Porsche SE was forced to sell a 10 percent voting stake to Qatar Holding in 2009 as a way to prop up its strained finances.
The Qatar sale gave outsiders a say in the debt-saddled family-controlled auto group for the first time since it started building Porsche branded cars in 1948.
Reuters contributed to this report
source
BERLIN (Bloomberg) -- The Porsche-Piech family bought Qatar Holding's 10 percent stake in Porsche Automobil Holding SE to regain full control of the majority owner of Volkswagen Group.
The holding company's only asset is 50.7 percent of VW's common shares. Porsche SE sold its Porsche car business to VW last year after lawsuits scuttled an effort to fully merge the two companies.
"All of Porsche SE's common stock is now again held by the Porsche and Piech families," Wolfgang Porsche, supervisory board chairman, said in a statement today. "This is an expression of our confidence in the prosperous future of Porsche SE as the largest shareholder of Volkswagen AG."
Qatar's stake is worth about 930 million euros ($1.24 billion), assuming Porsche SE's common shares are valued at the same price as the publicly traded preferred stock, said Frank Biller, an analyst with Landesbank Baden-Wuerttemberg.
The family and Qatar aren't disclosing the price, said Albrecht Bamler, a Porsche spokesman. Porsche's SE's preferred stock was little changed as of 9:26 a.m. CET in Frakfurt trading, valuing the Stuttgart, Germany-based company at 18.6 billion euros ($24.8 billion).
Legal wrangles
Porsche is facing legal claims in Germany seeking a combined 5.4 billion euros linked to its aborted takeover of Volkswagen more than four years ago. Investors say Porsche failed to inform the markets about its takeover plan. Porsche has repeatedly denied the claims.
Qatar Holding, the investment arm of the Gulf state's sovereign wealth fund, said it remains fully committed to Volkswagen and plans to keep its 17 percent stake in Europe's largest automaker.
"This transaction results as a logical step after the creation of the integrated automotive group between Volkswagen and Porsche AG as finalized in 2012," Qatar Holding said in a statement.
Porsche SE was forced to sell a 10 percent voting stake to Qatar Holding in 2009 as a way to prop up its strained finances.
The Qatar sale gave outsiders a say in the debt-saddled family-controlled auto group for the first time since it started building Porsche branded cars in 1948.
Reuters contributed to this report
source
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