Porsche's financial nightmare may soon be over, as the country of Qatar is in talks to take a 25% stake in the troubled automaker.
An agreement between Porsche and the Qatar government prevents either party from disclosing details, but Qatar's prime minister, Sheikh Hamad bin Jassem al-Thani, said negotiations are continuing.
As we have previously reported, Porsche has accumulated a massive 9 billion euro ($12.5 billion) debt in their failed attempt to takeover Volkswagen. With the takeover off the table, Porsche has attempted to merge with VW but their debt has proved to be a major sticking point.
Despite the would-be marriage, Volkswagen has distanced themselves from the issue by stating they stand "behind (Porsche's) talks with an investor" and "Qatar ... will only be dealt with by Porsche."
Renegade
June 18, 2009 10:00 PM
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