Porsche eyes Gulf sovereign funds

RIYADH, Aug 06 (Arab News): German automobile manufacturer Porsche is trying to secure anchor investments from Gulf sovereign wealth funds, Bloomberg reported citing people familiar with the matter.

The car maker, which is owned by Volkswagen, looks to pull off one of Europe's biggest listings amid market headwinds and valuation concerns, the people said.

Sovereign funds considering committing to the Porsche listing include Abu Dhabi's Mubadala Investment Co. and ADQ, the people said, asking to remain anonymous for information confidentiality.

Saudi Arabian organisations are also exploring investments, they said.

Major Canadian and Malaysian funds have been approached too, by the advisers on the initial public offering, as well as the Norwegian sovereign wealth fund, one of the people said.