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Porsche family buys back stake from Qatar fund

Jun 17, 2013, 8:15 AM EDT
A general view of the Porsche Design Sport Mountain Loft at University of Television and Film Munich on June 6, 2013 in Munich, Germany.
AFP/Getty Images

BERLIN (AP) — Descendants of German automobile entrepreneur Ferdinand Porsche have bought back a 10 percent stake in their holding company from Qatar's sovereign wealth fund.

Carmaker Porsche confirmed the transaction Monday but didn't reveal the sales price.

The Porsche and Piech families are now again the sole shareholders of Porsche Automobil Holding SE. That company is the largest single shareholder of Volkswagen AG, which in turn manufactures the Porsche luxury cars.

Qatar Holding, the investment arm of the Gulf state's sovereign wealth fund, had bought the stake four years ago when a Porsche takeover bid for much-larger Volkswagen collapsed amid overly high debt. VW eventually turned the tables and took over Porsche instead.

Qatar's fund continues to own a stake in VW, Europe's biggest carmaker.