Yahoo News Porsche Family Buys Back Stake From Qatar
Descendants of German automobile entrepreneur Ferdinand Porsche have bought back a stake in their holding company from its Middle Eastern owners.
Carmaker Porsche confirmed the transaction but did not reveal the price it paid for the 10% stake.
The family bought the shares back from Qatar Holding, the investment arm of the Gulf state's sovereign wealth fund.
The move means the Porsche and Piech families are now again the sole shareholders of Porsche Automobil Holding SE.
That company is the largest single shareholder of Volkswagen AG (Other OTC: VLKAY - news) , which in turn manufactures the Porsche luxury sports cars.
Qatar Holding had bought the stake four years ago.
Its portfolio includes some of the world's most prestigious institutions across a number of industry sectors.
Qatar Holding’s investments cover more than 30 countries. It owns Harrods department store in London.
The sovereign wealth fund bought into the legendary firm when a Porsche takeover bid for much-larger Volkswagen collapsed amid overly high debt.
In 2010, Porsche and two of its former top executives were sued for £620m over accusations they lied about their intention to take over Volkswagen.
VW eventually turned the tables and took over Porsche instead.
The reverse purchase ended years of wrangling as the pair sidestepped lawsuits and the taxman to agree a deal.
Volkswagen agreed to buy the 49% of Porsche that it does not already own, for nearly 4.5bn euro (£3.6bn).
Qatar's fund continues to own a stake in VW, Europe's biggest carmaker.
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