Porsche sets stage for $7 bln Qatar stake

Porsche SE plans an extraordinary supervisory board meeting July 23, setting the stage to clinch a deal with Qatar Investment Authority (QIA) in excess of $7 billion, a critical step to shore up its balance sheet after months of uncertainty.

A Porsche spokesman on Friday confirmed the meeting was planned. He added that it remained the goal of Porsche's supervisory board to forge an integrated company with Volkswagen AG.

Getting an outside investor on board would mark a sea change for the Stuttgart-based automaker, where the Porsche and Piech owner families currently control 100 percent of voting rights.