Business News
Qatar set for Porsche board seat
Dec 18, 2009, 15:04 GMT
Berlin - Qatar is likely to gain a seat on luxury sports carmaker Porsche's board, according to the company invitation for next month's annual general meeting.
Sheikh Jassim bin Abdulaziz Al-Thani has been nominated to be elected to Stuttgart-based Porsche's supervisory board at the carmaker's shareholders' meeting set down for January 29.
Qatar emerged with a 10-per-cent stake in Porsche this year in the wake of the heavily indebted iconic sports car group's failed bid to take over Europe's biggest auto maker Volkswagen AG.
Earlier this month, VW paid 3.9 billion euros (5.6 billion dollars) for a 49.9 per cent holding in Porsche as part of plans to integration the sports car group by 2011.
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