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Qatar takes stake in top carmaker Volkswagen

Nachu's picture
By Nachu on Fri, 04/09/2009 - 3:28am

FRANKFURT — The Gulf state of Qatar has taken a 6.78-percent stake in Europe's biggest carmaker Volkswagen as part of a plan to take over around 17 percent of the company, Volkswagen said on Friday.

Qatar's investment will total some seven billion euros (10 billion dollars) and the country will become the third biggest shareholder in Volkswagen behind the Porsche and Piech families and the German state of Lower Saxony.

The agreement is part of a broader deal hammered out this month to merge Volkswagen with luxury sportscar maker Porsche, which incurred heavy debts in a recent failed bid to take over its far bigger rival Volkswagen.

Volkswagen shares were down 1.54 percent at 136.82 euros on the Frankfurt stock market at 1400 GMT. The company's shares have fallen by 40 percent since August 13 when the Volkswagen-Porsche merger deal was announced.

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Stone Cold's picture

Stone Cold said Not just taking stakes. Like ...

Not just taking stakes. Like any other country, Qatar initiatives should expand from here on by making first local production of automobiles by joint venture, and than in the long run to produce its very own "Made in Qatar" vehicles. Now we are talking about national pride.

Fri, 04/09/2009 - 7:10am

 

mmyke's picture

mmyke said Is Qatar going.. ...

to hire expatriates for that too??

Fri, 04/09/2009 - 7:25am

 

heero_yuy2's picture

heero_yuy2 said And they should resell the old VW Bug again in Doha ...

I dont like the new model. And you can convince me to buy meself my own car if I see someone selling the ol Herbie around.

"Everything in this book may be wrong." Illusions: The Adventures of The Reluctant Messiah by Richard Bach

Fri, 04/09/2009 - 9:02am

 

jackmohan2007's picture

jackmohan2007 said So they gonna open a plant in Qatar too? ...

So they gonna open a plant in Qatar too?

...and staffed by Asians?

Right now I dont think they can imagine investing in another plant... lol

Sat, 05/09/2009 - 12:23pm

 

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