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Thursday, 18 March 2010
Qatari Porsche investors to gain VW board votes during merger
As sports car manufacturer Porsche transforms from an independent company into a brand name produced by the Volkswagen group, eyebrows in Germany have been raised at the increasingly important role the Arab emirate of Qatar, a part owner of VW, will likely play.
Qatar Holding LLC announced last year its intention to acquire some 17 percent of VW's voting shares, and the German newspaper Handelsblatt reported Tuesday the Arabian investors are likely to occupy two of 10 seats on VW's supervisory board. A first Qatar Holding board member, Hussain Ali Al-Abdulla, is expected to be voted in as a VW board member on April 22 to replace German Roland Oetker.
VW is also planning to deepen its research cooperation with Qatar and the German state of Lower Saxony, which owns 20 percent of VW shares, the company announced Monday. Those plans include the expansion of programs at Qatar University in Doha and at the AutoUni institution in Wolfsburg.
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