Qatar Sells 10% Stake in Porsche SE to Founder’s Family

The descendants of Porsche and Volkswagen founder Ferdinand Porsche have acquired sovereign wealth fund Qatar Holding LLC's 10% stake in Porsche Automobil Holding SE for an undisclosed price.

With that purchase, the Piech and Porsche families own 100% of Porsche SE, which holds 50.7% of Volkswagen AG's common stock. Porsche SE completed the sale of its Porsche sports car unit to VW last year.

Porsche SE sold the 10% stake to Qatar in 2009 to bolster its shaky balance sheet after the German firm amassed more than €10 billion ($13.3 billion) in debut during its failed VW takeover attempt. Bloomberg News estimates that stake is now worth about €930 million ($1.2 billion).

Qatar says it intends to continue to own 17% of VW's common stock.