Porsche reaches deal on Qatar stake

Qatar has bid €7 billion (US9.8 billion) for a stake in the parent company of troubled German sports carmaker Porsche, banking sources said Saturday.

The offer for shares and share options was made by the state-run Qatar Investment Authority (QIA) to Porsche Holding, which also has a majority stake in fellow German carmaker Volkswagen.

It was negotiated with Porsche chief executive Wendelin Wiedeking, who has been locked in a bitter power struggle with Volkswagen patriarch Ferdinand Piech.

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