Qatar is unlikely to raise its 10 percent stake in German automaker Porsche though it is in talks on potential cooperation in several areas, a top company official said on Wednesday.
The Gulf Arab state, through its sovereign wealth fund Qatar Investment Authority, bought a 10 percent stake in Porsche for $10bn in September 2009.
Porsche SE is to be subsumed into Volkswagen’s empire, with shareholders set to receive stock in Europe’s largest carmaker once their own company is debt-free as part of a planned merger.
“They (Qatar) will stay with us until the merger comes through, but more than 10 percent is not in question”, Wolfgang Porsche, chairman of Porsche’s supervisory board, said on the sidelines of an event.
“We are in a lot of talks, but no decisions made,” he said.
Earlier this month, a US judge dismissed a hedge fund lawsuit seeking more than $2bn in damages, removing a key obstacle to the merger with Volkswagen.
Porsche said an update on whether the ruling will be appealed will be known by the end of January.
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