Hotmail
Porsche rejects Volkswagen’s investment bid
Spokesman says bid to take 49 percent stake is ‘not a viable option’
 | Interactive |
 | 10 cars we loved to hate Some cars are so well-designed that they are almost art. These aren't. Here are 10 cars from the past 50 years that redefined the word 'ugly.' |
Most popular |
| |||||
 | Latest auto videos |
 New seatbelt to provide extra protection? Nov. 7: Ford’s new restraint is designed to provide additional security for the passengers who most commonly sit in the back: elderly people, and children. CNBC’s Phil Lebeau reports. |
STUTTGART, Germany - Porsche has rejected Volkswagen AG’s bid to take a 49 percent stake in the sports car maker, a company spokesman said Monday.
Porsche Automobil Holding SE spokesman Albrecht Bamler said the offer by VW “is not a viable option.”
Debt-laden Porsche, based in Stuttgart, has been holding talks with a Qatar state investment fund on a possible investment.
Porsche confirmed earlier this month that it is in exclusive talks with the Qatar Investment Authority — the primary investment vehicle of the small, energy-rich state.
Bamler said that for VW to take a stake in Porsche, the Wolfsburg-based automaker would have to take out credit worth euro10.75 billion ($15.15 billion).
Porsche holds a roughly 51 percent stake in Volkswagen, but ran up hefty debts in accumulating that holding and is now seeking a merger with the larger company. Exactly how that is to happen remains unclear.
- Discuss Story On Newsvine
-
Rate Story:
View popularLowHigh - Instant Message
MORE FROM AUTOS |
 Autos Section Front |
| Add Autos headlines to your news reader: |
Sponsored links
Open an Account Online Today! $7 Trades & Powerful Trading Tools.
www.scottrade.com
Resource guide