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Qatar will need to keep driving Porsche hard


Porsche (Reuters photo)It has taken a long time, but the Porsche clan is finally — and no doubt reluctantly — giving outsiders a say in how it runs the family firm.

The Porsche and Piech families — the descendents of Ferdinand Porsche –are selling a 10 percent voting stake in the Porsche holding company to Qatar in order to get them out of the financial mess they found themselves in when Porsche tried an audacious takeover of Volkswagen.

The Qatari investment is just one part of a complicated series of financial arrangements that are meant to lead to a merger of VW and Porsche in 2011.

As well as taking the stake, Qatar’s sovereign wealth fund is also stepping in to top up a loan to Porsche to the tune of 265 million euros and taking a huge package of cash-settled options on VW shares off Porsche’s hands.