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Qatar becomes major shareholder in Volkswagen
by Christoph Steitz and Christiaan Hetzner on Saturday, 19 December 2009
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.
Volkswagen ordinary shares have been a prominent feature of Gernmany's blue-chip index since its inception in 1987.
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.
"From our point of view, as of today the free float in VW ords will fall below the 10 percent threshold," DZ Bank analyst Michael Punzet wrote in a note. "We expect a positive momentum in the next trading days," Punzet wrote, referring to the preferred shares.
Ordinary shares in the company fell as much as 6.5 percent, recovering to trade 2.43 percent lower at 78.06 by 1528 GMT while the preferred shares rose as much as 4.3 percent, dropping back to trade 1.71 percent higher by 1528 GMT.
In addition, Porsche said -- in the invitation to its annual general meeting scheduled for Jan. 29 -- it would propose Qatar's Sheikh Jassim Bin Abdulaziz Bin Jassim Al-Thani for a place on its supervisory board. (Reuters)
by Christoph Steitz and Christiaan Hetzner on Saturday, 19 December 2009
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.
Volkswagen ordinary shares have been a prominent feature of Gernmany's blue-chip index since its inception in 1987.
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.
"From our point of view, as of today the free float in VW ords will fall below the 10 percent threshold," DZ Bank analyst Michael Punzet wrote in a note. "We expect a positive momentum in the next trading days," Punzet wrote, referring to the preferred shares.
Ordinary shares in the company fell as much as 6.5 percent, recovering to trade 2.43 percent lower at 78.06 by 1528 GMT while the preferred shares rose as much as 4.3 percent, dropping back to trade 1.71 percent higher by 1528 GMT.
In addition, Porsche said -- in the invitation to its annual general meeting scheduled for Jan. 29 -- it would propose Qatar's Sheikh Jassim Bin Abdulaziz Bin Jassim Al-Thani for a place on its supervisory board. (Reuters)
Qatar devient le principal actionnaire de Volkswagen par Christoph Steitz et Christiaan Hetzner, le samedi 19 Décembre 2009
Le Qatar a une participation de 17 pour cent de vote dans Volkswagen et Porsche, a déclaré vendredi l'état est de prendre un siège à son conseil de surveillance, en soulignant le rôle plus actif des Etats du Golfe jouent dans l'industrie automobile allemande.
Le déménagement a également alimenté les anticipations que la baisse du nombre d'actions librement négociées ordinaires VW pourrait signifier qu'ils soient remplacés sur l'indice des blue-chip de l'Allemagne par ses actions privilégiées.
Après l'exercice d'options dans la société Volkswagen - comme cela avait été prévu par les participants du marché pour un certain temps - Qatar Holding LLC détient maintenant 17 pour cent dans le capital de Volkswagen, elle a dit.
"En tant qu'investisseur stratégique à long terme, nous continuons de croire que l'investissement dans VW et la combinaison envisagée de Porsche SE et VW représente un atout unique d'investissement pour le Qatar Holding", a déclaré Ahmad Al-Sayed, CEO de Qatar Holding.
Actions ordinaires de Volkswagen ont été une caractéristique importante de l'indice des blue-chip Gernmany's depuis sa création en 1987.
Expulsion de l'indice est prévu de faire pression sur la valeur des actions ordinaires, dont la dernière Octobre échangé au-dessus de 1000 euros, rendant le constructeur automobile temporairement plus importantes au monde par la capitalisation boursière.
"De notre point de vue, à partir d'aujourd'hui le free float dans ORDS VW tombera au-dessous du seuil de 10 pour cent", analyste de DZ Bank Michael Punzet écrit dans une note. "Nous nous attendons à une dynamique positive dans les jours de bourse suivant," Punzet écrit, se référant aux actions privilégiées.
Les actions ordinaires de la société a chuté jusqu'à 6,5 pour cent, en récupérant au commerce 2,43 pour cent inférieur à 78,06 par 15h28 GMT alors que les actions privilégiées a gagné jusqu'à 4,3 pour cent, pour retomber à 1,71 pour cent de plus le commerce par 15h28 GMT.
En outre, Porsche a dit - dans l'invitation à son assemblée générale annuelle prévue pour le 29 janv. - qu'elle allait proposer au Qatar, cheikh Jassim Bin Abdulaziz Bin Jassim Al-Thani pour une place sur son conseil de surveillance. (Reuters)
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