Porsche Rejects VW Offer to Take 49 Percent Stake

Porsche has rejected Volkswagen AG's bid to take a 49 percent stake in the sports car maker, a company spokesman said Monday. Porsche Automobil Holding SE spokesman Albrecht Bamler said the offer by VW "is not a viable option," the Los Angeles Times reported on an AP story. Debt-laden Porsche, based in Stuttgart, has been holding talks with a Qatar state investment fund on a possible investment. Porsche confirmed earlier this month that it is in exclusive talks with the Qatar Investment Authority — the primary investment vehicle of the small, energy-rich state. Bamler said that for VW to take a stake in Porsche, the Wolfsburg-based automaker would have to take out credit worth €10.75 billion ($15.15 billion). Porsche holds a roughly 51 percent stake in Volkswagen, but ran up hefty debts in accumulating that holding and is now seeking a merger with the larger company. Exactly how that is to happen remains unclear. Read more.