Qatar Holding sells its 10% stake in Porsche back to the family
Qatar Holding has sold its 10% stake in Porshe Holding to the Porsche-Piech family, the investment arm of the country’s sovereign wealth fund announced in a press statement. However it did not quote the value of the transaction.
The announcement was made following Volkswagen’s deal to create an “Integrated Automotive Group” with Porsche, for which it plans to buy the half of Porsche’s manufacturing operations it didn’t already own in 2012. Qatar Holding retains its 17% stake in Volkswagen, the third-largest shareholder in the German automotive group.
Ahmad Al-Sayed, CEO of Qatar Holding stated:
“As a long-term strategic investor, we believe that Volkswagen represents a unique investment and we are pleased to have played an integral role in bringing Volkswagen and Porsche AG together. We look forward to continue making a significant contribution to the future success of the combined group.
Meanwhile Dr. Wolfgang Porsche, Chairman of the Supervisory Board of Porsche SE said:
“All of Porsche SE’s common stock is now again held by the Porsche and Piech families. This is an expression of our confidence in the prosperous future of Porsche SE as the largest shareholder of Volkswagen AG. We are looking forward to continue working with the Qatar Holding as strategic shareholders of the integrated automotive group.”
The plan to create an integrated car manufacturing group resulting from the combination of Volkswagen and Porsche was announced in 2009. On 24 July, 2009 Porsche family shareholders Porsche and Piech and the Porsche and Volkswagen CEOs met with Qatar Holding’s CEO Al-Sayed to decide on Qatar Holding’s investment terms as a new strategic investor in the Integrated Car Manufacturing Group. By August, Qatar Holding became the third largest investor in Volkswagen, after Porsche and the German State of Lower Saxony.
Following this, in March 2010, signed a Memorandum of Understanding with Qatar Science & Technology Park (QSTP), Volkswagen and Porsche to establish a Management Committee and Technology Steering Committee. The committee would carry out initiatives in areas such as education, research and commercial applications of a broad range of technologies that would provide training ad development opportunities for Qatari students and professionals.