Porsche Family Buys Back Its Stake In Company
The saga of Porsche ownership and its dealings have been something to watch in recent years. First, Porsche attempted to purchase Volkswagen, Europe's largest carmaker. After that unsuccessful attempt, there were some shady investing practices, with Porsche not disclosing its intentions to purchase VW while simultaneously trying to short its VW stock holdings. In the end, Volkswagen turned around and bought Porsche, and slapped the Stuttgart-based sportscar manufacturer with a $1.8 billion lawsuit. Amid all of this mayhem, the Porsche family sold their ten percent stake in their family's company to Qatar's national wealth fund. It appears that stake will go back to the Porsche family. According to reports, descendants from the company's founder, Ferdinand, have purchased the stake back, for an undisclosed price. The Porsche and Piech families now co-own Porsche Automobil Holding SE, essentially the investing arm of the German automaker. This entity owns the largest stake in Volkswagen, which produces Porsche's cars. Oh yeah, and the Qatar fund continues to own a stake in Volkswagen as well. Did everyone follow that? If not, no sweat- we doubt this is the final chapter of the cat-and-mouse for supremacy between these two automakers.