Qatar will buy 17% of Volkswagen shares: CEO

FRANKFURT - The Gulf state of Qatar will buy a 17 percent stake in Volkswagen, a key shareholder and its chief executive Martin Winterkorn said on Thursday.

By (AFP)

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Published: Thu 23 Jul 2009, 7:15 PM

Last updated: Sun 5 Apr 2015, 10:30 PM

‘We are going on the principle that Qatar will take 17 percent of Volkswagen AG,’ said Christian Wulff, regional premier of the German state of Lower Saxony, which owns 20 percent of the biggest European carmaker.

The information was immediately confirmed by Winterkorn after both emerged from an extraordinary meeting of the VW supervisory board in Stuttgart, southwestern Germany.

Qatar would thus become the third-largest shareholder in Volkswagen.

Earlier in the day, the supervisory board of Porsche, which owns 51 percent of VW, had laid out a plan to merge the two car makers.

Qatar is also expected to invest in Porsche, which said overnight that it planned a capital increase of at least five billion euros (seven billion dollars).

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