Bloomberg News

Porsche-Piech Family Buys Qatar's 10% Stake in Porsche

May 13, 2013

Porsche Faces $1.8 Billion Suit Over Volkswagen Options Trades

The legal wrangling, stemming from Porsche’s bid for VW more than four years ago, ultimately scuttled a planned merger between the two companies last year. Investors claim Porsche failed to inform the markets about its takeover plan. Photographer: Hannelore Foerster/Bloomberg

Qatar Holding LLC sold a 10 percent stake in Porsche Automobil Holding SE (PAH3) to the Porsche-Piech family, giving the family full control of the voting rights.

“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 (VOW).”

The holding company’s only asset is 50.7 percent of VW’s common shares. Porsche sold the remainder of the automotive business to VW last year after lawsuits against Porsche scuttled an effort to fully merge the two companies.

To contact the reporter on this story: Chad Thomas in Berlin at cthomas16@bloomberg.net

To contact the editor responsible for this story: Chris Reiter at creiter2@bloomberg.net


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