Porsche SE's supervisory board will discuss only a possible sale of a stake to Qatar at its next meeting on July 23, rebuffing plans by Volkswagen to push forward a merger of the two carmakers, daily Bild reported, citing company sources.
The two rival factions that control automotive holding group Porsche SE were expected to discuss the possibility of relinquishing complete control of the company for the first time to gain fresh funds and reduce debt.
Volkswagen Chairman Ferdinand Piech, a part owner of Porsche SE who together with his brother holds a blocking minority, was expected to push at the meeting for his plan that entails VW buying a 49.9 percent stake in Porsche AG, the healthy sportscar maker grouped under the financially ailing holding company.
Bild said that plan would now be discussed as a point of information rather than something that needed to be decided.
Bild said on Wednesday that Volkswagen also wanted to retain the right to buy the remaining 50.1 percent of Porsche AG.
A source told Reuters last week that Porsche Chairman Wolfgang Porsche has called an extraordinary supervisory board meeting for July 23 to discuss a possible stake sale to Qatar worth over 5 billion euros ($7 billion).
Porsche declined to comment on the Bild report.
