قناصه
26-04-2009, 07:37 AM
http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=248945
Qatar eyes Porsche stake
Posted on » Sunday, April 26, 2009
FRANKFURT: The Qatari Amir is planning to buy a stake in Porsche, possibly shoring up the German sports carmaker's strained finances, reports said yesterday.
The head of the Gulf emirate has informed Porsche of his interest, Germany's Focus magazine reported in an excerpt of an article before publication tomorrow, citing unspecified sources.
Qatar's investment could help Porsche redeem a 3.3 billion euro ($4.35bn) credit tranche that is due in one year, the magazine said.
While Porsche can currently pay interest payments out of its operating cash flow, it is looking for a solution on how to refinance the redemption of the tranche, Focus cited a person familiar with the matter as saying.
German magazine Der Spiegel said Qatar planned to invest in the German vehicle industry, citing an interview with Amir Shaikh Hamad bin Khalifa Al Thani.
Porsche is seeking to raise an additional 2.5bn euros ($3.2bn) in the syndicated loan market after closing a difficult 10bn euro refinancing late last month.
The sports carmaker has bought a majority stake in Volkswagen and has said it planned to lift its stake to 75 per cent.
A Qatar investment in Porsche would mark the second foray of a gulf state into the German premium car industry this year.
Abu Dhabi's state-controlled IPIC last month bought a 9.1pc stake in Daimler for almost 2bn euros ($2.7bn) via exchange-listed investment vehicle Aabar
Qatar eyes Porsche stake
Posted on » Sunday, April 26, 2009
FRANKFURT: The Qatari Amir is planning to buy a stake in Porsche, possibly shoring up the German sports carmaker's strained finances, reports said yesterday.
The head of the Gulf emirate has informed Porsche of his interest, Germany's Focus magazine reported in an excerpt of an article before publication tomorrow, citing unspecified sources.
Qatar's investment could help Porsche redeem a 3.3 billion euro ($4.35bn) credit tranche that is due in one year, the magazine said.
While Porsche can currently pay interest payments out of its operating cash flow, it is looking for a solution on how to refinance the redemption of the tranche, Focus cited a person familiar with the matter as saying.
German magazine Der Spiegel said Qatar planned to invest in the German vehicle industry, citing an interview with Amir Shaikh Hamad bin Khalifa Al Thani.
Porsche is seeking to raise an additional 2.5bn euros ($3.2bn) in the syndicated loan market after closing a difficult 10bn euro refinancing late last month.
The sports carmaker has bought a majority stake in Volkswagen and has said it planned to lift its stake to 75 per cent.
A Qatar investment in Porsche would mark the second foray of a gulf state into the German premium car industry this year.
Abu Dhabi's state-controlled IPIC last month bought a 9.1pc stake in Daimler for almost 2bn euros ($2.7bn) via exchange-listed investment vehicle Aabar