DUBAI/BERLIN QATAR Holding, the investment arm of the Gulf State sovereign wealth fund, has sold its 10 percent stake in Porsche to the luxury car manufacturer family shareholders, four years after it first invested in the company.
Qatar Holding, which owns interests in some of the world's largest companies, said it was the ordinary shares in the car maker sold to the families Porsche and Purcell. It not to mention the value of the transaction.
The sovereign fund arm said it remained committed to the integrated Automotive Industry Holding including Volkswagen and Porsche through its 17 percent stake in VW. Europe's largest car manufacturer sealed last year the purchase of the Porsche car-making business after a merger not in a tangle of legal disputes.
"This transaction results as a logical step after the creation of the integrated Automotive Industry Holding Company between Volkswagen and Porsche AG when completed in 2012," Qatar company said in the statement.
Neither party gave no details of the price paid for the stake.
Porsche SE shares were trading at 60.76 euros per share on Monday, up 0.36 percent on the day.
Porsche was forced to sell a 10-percent vote importance on keeping Qatar in 2009 as a way to prop up its strained Finances. The sale of Qatar gave outsiders participate in the debt saddled family-controlled auto-group for the first time since it began construction of Porsche cars in 1948.
The Porsche holding company, controlled by the families Porsche and Purcell, still has about 51 percent of VW ordinary shares, making it one of the three major interest in the Group of German car.
VW, Porsche now owns in return all of core business, the automotive division that models such as the iconic 911 sports car and the Cayenne sport-utility vehicle makes.
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