Porsche rejects VW offer as Qatar seeks deal

The battle over the future of Porsche Automobil Holding SE escalated on Monday when the German sportscar maker announced it received a written offer from state-owned Qatar Investment Authority over a possible stake sale, just hours after it rejected an offer from Volkswagen AG.

"We received an offer from Qatar to acquire a stake and take over (Porsche's) options on Volkswagen stock," Porsche spokesman Albrecht Bamler said.

The offer will form the basis for upcoming talks with Qatar on the purchase price, he said, adding that the Porsche and Piech families - which control 100 percent of Porsche's voting stock - still have to examine the Qatari proposal.