Qatar takes stake in top carmaker Volkswagen
Sunday, 30 August 2009
FRANKFURT, Aug 29 (AFP): The Gulf state of Qatar has taken a 6.78-per cent stake in Europe's biggest carmaker Volkswagen as part of a plan to take over around 17 per cent of the company, Volkswagen said Friday.
Qatar's investment will total some seven billion euros (US$10 billion) and the country will become the third biggest shareholder in Volkswagen behind the Porsche and Piech families and the German state of Lower Saxony.
The agreement is part of a broader deal hammered out this month to merge Volkswagen with luxury sportscar maker Porsche, which incurred heavy debts in a recent failed bid to take over its far bigger rival Volkswagen.
Volkswagen shares were down 1.54 per cent at 136.82 euros on the Frankfurt stock market at 1400 GMT. The company's shares have fallen by 40 per cent since August 13 when the Volkswagen-Porsche merger deal was announced.
Qatar's investment will total some seven billion euros (US$10 billion) and the country will become the third biggest shareholder in Volkswagen behind the Porsche and Piech families and the German state of Lower Saxony.
The agreement is part of a broader deal hammered out this month to merge Volkswagen with luxury sportscar maker Porsche, which incurred heavy debts in a recent failed bid to take over its far bigger rival Volkswagen.
Volkswagen shares were down 1.54 per cent at 136.82 euros on the Frankfurt stock market at 1400 GMT. The company's shares have fallen by 40 per cent since August 13 when the Volkswagen-Porsche merger deal was announced.