Facing sales decreases in the thirty percent range world-wide, Porsche appears destined to have its request to borrow 1.5 billion-with-a-b euros (nearly three billion-with-a-b Canadian dollars) from a German state-controlled bank denied.
The money is needed to pay off the sports car company’s dramatic purchase of over half of Volkswagen shares last fall.
Funny thing - the sellers expected to be paid…
Porsche is in negotiations with the Qatar Investment Authority which could see the Middle Eastern government-run financial institution acquire up to twenty-five percent of the heretofore family-owned sports car maker.
Daimler-Benz has also been mentioned as a possible investor - even a purchaser - although both sides describe that as mere ‘speculation’.
It’s all part of the on-going feud between various branches of the Porsche family, and whether Porsche will end up as VW’s tenth brand, or the small Porsche tail will wag the much larger VW dog.
There’s surely a TV Soap Opera show in here somewhere.