Qatar Holding to acquire 17% Porsche stake

Qatar Holding has decided to acquire 17% stake in Volkswagen AG, which is merging with Porsche, in a deal that will exceed $10 billion.

In a statement released late Friday, Qatar Holding said it will now be the third major shareholder in VW, after Porsche and Lower Saxony.

The sources informed that the purchase follows the UAE's Aabar Investment acquisition in March of a 10% stake of Daimler AG, famed for its Mercedes-Benz brand, indicating continuing Gulf interest in the European automotive sector despite the economic slump.

The sources further informed that Porsche has also decided to set up research facilities in Doha as part of the deal.