Porsche SE said talks with Qatar over a potential investment in the sports-car maker have entered a “final stage” as chances diminish that the German government will extend a loan.
The due diligence process conducted with the Persian Gulf state has led to a “positive” conclusion, Frank Gaube, a spokesman for Porsche, said in a telephone interview today. He declined to predict when an agreement may be reached. Daimler AG, the second-largest maker of luxury cars, denied a German magazine report that it’s seeking a stake in Porsche.
The maker of the 911 sports car may sell a stake for as much as 2.5 billion euros ($3.5 billion) to Qatar to help reduce 9 billion euros in net debt, people familiar with the plan said June 15. Stuttgart, Germany-based Porsche has applied for a 1.75 billion-euro loan from state-owned development bank KfW Group.
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