(MENAFN- AFP) The oil-rich emirate of Qatar said on Monday it was selling its 10-percent stake in Porsche Automobil Holding SE (PSE) but would keep its 17-percent of Volkswagen, which owns the luxury brand Porsche.
The sale by Qatar means that "all of Porsche SE's common stock is now again held by the Porsche and Piech families," said Porsche supervisory board chairman Wolfgang Porsche.
"This is an expression of our confidence in the prosperous future of Porsche SE as the largest shareholder of Volkswagen AG. We are looking forward to continue working with the Qatar Holding as strategic shareholders of the integrated automotive group."
Sovereign wealth fund Qatar Holding LLC said that the sale was the logical consequence of VW's takeover of Porsche AG last year.
PSE owns 50.7 percent of the VW Group, which in turn owns Porsche AG and many other brands.
Qatar said in a statement it had agreed with family shareholders to sell its PSE shares to them, without naming an amount.
"This transaction results as a logical step after the creation of the Integrated Automotive Group between Volkswagen and Porsche AG as finalised in 2012," it said.
Qatar remains the third-biggest shareholder in VW, Europe's biggest auto maker, after PSE and the German state of Lower Saxony.
Ahmad Al-Sayed, CEO of Qatar Holding, said: "As a long-term strategic investor, we believe that Volkswagen represents a unique investment and we are pleased to have played an integral role in bringing Volkswagen and Porsche AG together.
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