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Wednesday, 26 January 2011

Porsche Supervisory Bd Chairman:Talks With Qatar Were Positive - WSJ.com

Porsche Automobil Holding SE (PAH3.XE) supervisory board chairman Wolfgang Porsche said Wednesday that talks with Qatar over the German auto maker's planned capital increase were "positive".

Speaking at the sidelines of the Qatar Motor Show, Wolfgang Porsche confirmed that the Gulf Arab state, which owns a 10% voting stake in Porsche, will take part in the capital increase.

Porsche's holding firm wants to raise EUR5 billion by issuing new preference shares and common stock to reduce debt as part of a complex merger with Volkswagen AG (VOW.XE), Europe's largest auto maker by sales.