Qatar has a 17 percent voting stake in Volkswagen and Porsche said on Friday the state is set to take a seat on its supervisory board, underlining the more active role Gulf states are playing in the German auto industry. The move has also fuelled expectations that the falling number of freely traded VW ordinary shares could mean they are replaced on Germany’s blue-chip index by its preferred shares.
After exercising options in Volkswagen – as had been expected by market participants for some time – Qatar Holding LLC now holds 17 percent in Volkswagen’s share capital, it said.
“As a long-term strategic investor, we continue to believe that the investment in VW and the envisaged combination of Porsche SE and VW represents a unique investment asset for Qatar Holding,” said Ahmad al-Sayed, CEO of Qatar Holding.
Expulsion from the index is expected to put pressure on the value of the ordinary shares, which last October traded at above 1,000 euros, making the carmaker temporarily the world’s largest by market value.
. “We expect a positive momentum in the next trading days,” DZ Bank analyst Michael Punzet wrote in a note
