Looks like wealthy Arab royalties have found a new way to blow up their not so hard earned oily dollars! and that’s buying car companies! We’ve heard about Abu Dhabi’s investment in Daimler and their negotiation with Opel (which has apparently failed). Now comes the Emir of Qatar with his interest in having some stakes in Porsche. According to German magazine Focus, it could be a way for Porsche to repay its €3.3 billion banking loans!
Qatar’s Emir seeks to buy a stake in German sports carmaker Porsche Automobil Holding SE (PAH3.XE), and this would be one way for the company to repay EUR3.3 billion banking loans due within a year, Focus magazine said over the weekend in a preview ahead of publication.
Porsche is able meet its interest payment duties on its around EUR9 billion loans, but regarding the tranche due within a year “we have to come up with an idea,” an unnamed source told the magazine.
A Porsche spokesman declined to comment to Dow Jones Newswires on the news.
Magazine Web site: www.focus.de
source: Focus via Zawya