DFW Auto Club
04-28-2009, 03:43 PM
Filed under: Porsche (http://www.autoblog.com/category/porsche/), Earnings/Financials (http://www.autoblog.com/category/earnings-financials/)
http://www.blogcdn.com/www.autoblog.com/media/2009/03/000_cayennedesign3_opt.jpg (http://www.autonews.com/article/20090428/ANE02/904289995/1042)
The worst secret in the universe is that there's a lot of money in the Middle East and the Gulf states are looking all over the world for places to put it. Abu Dhabi's Aabar investment spent €1.95 billion on a 9.1% stake in Daimler (around $2.5B USD), and now the state of Qatar is eying what could be a double-digit stake in Porsche. Qatar hasn't floated any potential investment sums, but said one sheikh, "we are looking into this issue."
The deal likely wouldn't be a bad one for Porsche either. The Stuttgart maker has some cash intensive plans on the horizon, including a €3.3 billion credit payment ($4.3B) and upping its stake in VW another 25% to 75%. Porsche refinanced €10 billion ($13.2B) of its debt just last month, and now wants to raise €2.5 billion ($3.3B) to keep things moving. Having gone from a couple of models to five different lines in 28 variations, it is likely that Porsche will be looking for all of the investment monies it can get.
[Source: Auto News (http://www.autonews.com/article/20090428/ANE02/904289995/1042), sub req'd]REPORT: Qatar pondering taking stake in Porsche? (http://www.autoblog.com/2009/04/28/report-qatar-pondering-taking-a-stake-in-porsche/) originally appeared on Autoblog (http://www.autoblog.com) on Tue, 28 Apr 2009 16:28:00 EST. Please see our terms for use of feeds (http://www.weblogsinc.com/feed-terms/).
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The worst secret in the universe is that there's a lot of money in the Middle East and the Gulf states are looking all over the world for places to put it. Abu Dhabi's Aabar investment spent €1.95 billion on a 9.1% stake in Daimler (around $2.5B USD), and now the state of Qatar is eying what could be a double-digit stake in Porsche. Qatar hasn't floated any potential investment sums, but said one sheikh, "we are looking into this issue."
The deal likely wouldn't be a bad one for Porsche either. The Stuttgart maker has some cash intensive plans on the horizon, including a €3.3 billion credit payment ($4.3B) and upping its stake in VW another 25% to 75%. Porsche refinanced €10 billion ($13.2B) of its debt just last month, and now wants to raise €2.5 billion ($3.3B) to keep things moving. Having gone from a couple of models to five different lines in 28 variations, it is likely that Porsche will be looking for all of the investment monies it can get.
[Source: Auto News (http://www.autonews.com/article/20090428/ANE02/904289995/1042), sub req'd]REPORT: Qatar pondering taking stake in Porsche? (http://www.autoblog.com/2009/04/28/report-qatar-pondering-taking-a-stake-in-porsche/) originally appeared on Autoblog (http://www.autoblog.com) on Tue, 28 Apr 2009 16:28:00 EST. Please see our terms for use of feeds (http://www.weblogsinc.com/feed-terms/).
Permalink (http://www.autoblog.com/2009/04/28/report-qatar-pondering-taking-a-stake-in-porsche/) | Email this (http://www.autoblog.com/forward/1530413/) | Comments (http://www.autoblog.com/2009/04/28/report-qatar-pondering-taking-a-stake-in-porsche/#comments)http://feedads.googleadservices.com/~at/MLSLTHY00EWzfp7aNJ2ooJ2t7E0/i (http://feedads.googleadservices.com/~at/MLSLTHY00EWzfp7aNJ2ooJ2t7E0/a)
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