Porsche Says Owner Family Supports Qatar Talks

Porsche Automobil Holding SE said Wednesday that the company's owner family backs its talks with Qatar over taking a stake in the Stuttgart-based company, dismissing a German media report published earlier Wednesday, Dow Jones reported. "The family unanimously supports the talks with an investor," Porsche said in a statement, adding that there was no family meeting at which Ferdinand Piech allegedly hindered a decision for Qatar to take a stake. Financial Times Deutschland reported earlier Wednesday that the planned deal with Qatar was at risk after Piech intervened at a family meeting. The Porsche and Piech families control 100% of the German sports car maker's voting stock. Porsche is Volkswagen AG's majority shareholder and has agreed to enter talks with the Wolfsburg-based automaker over forging an integrated company after its net debt tripled to around EUR9 billion when it built its stakeholding. The prospects of the talks with Volkswagen, however, remain unclear, as Porsche is seeking to hammer out a deal with Qatar at the same time. Porsche described the Financial Times Deutschland report as a blatant attempt to interfere in the talks with Qatar. Read more. (Subscription required.) In a related story, the country’s prime minister said Qatar expects to reveal the outcome of talks on buying a stake in Porsche SE in two to three weeks. The talks are centered around the size of the stake, Sheikh Hamad bin Jassem al-Thani said in remarks carried by the Qatar News Agency. Read more.