Qatar expects to reveal the outcome of talks on buying a stake in ailing German sportscar maker Porsche SE
We are still discussing the stake. According to the legal agreement between the two parties, neither of them is allowed to disclose any information about it before it is sealed, the Gulf Times quoted Sheikh Hamad bin Jassem al-Thani as saying.
The talks are centered around the size of the stake, Sheikh Hamad said in remarks carried by the Qatar News Agency.
Porsche SE amassed a 9 billion euro ($12.5 billion) net debt pile in its aborted attempt to acquire 75 percent of Volkswagen AG
VW has rejected the overtures as long as Porsche's finances are in a shambles.
Most of the family members which own Porsche SE were hoping Qatar could inject billions in fresh capital to bolster their negotiating position with VW, in which Porsche owns just over half the votes.
The families have been examining the sale of a 25 percent stake that would grant the Gulf state a blocking minority.
Ferdinand Piech, a Porsche scion and chairman of Volkswagen who is known to be skeptical about the deal, reportedly prevented a quick preliminary agreement in favor of Qatar during a meeting of Porsche SE's owners on Monday in Austria.
But a Financial Times Deutschland story to this effect was denied by Porsche SE, which called the report a transparent diversion.
The family stands united behind talks with an investor. There was no such family meeting at which Ferdinand Piech had prevented an agreement with Qatar to quickly buy a stake in Porsche, it said.
There is also a consensus within the family that the demand from Wolfsburg (where VW is headquartered) that Qatar must first hold talks with Volkswagen management and labor before buying a stake wholly lacks any basis. Qatar is purely an issue for the controlling families and will only be dealt with by Porsche.
A source close to the clans confirmed the families had met on Monday but declined further comment.
Porsche shares fell as much as 5 percent before paring losses to trade down 1 percent at 45.30 euros by 0922 GMT. VW shares slipped 1.6 percent.
Qatar's interest in Porsche highlights the increasing role of Arab states in German carmakers after Abu Dhabi's state-owned IPIC bought a 9.1 percent stake in Daimler AG
Gulf Arab sovereign wealth funds and investment companies, which suffered losses from investments in companies such as Citigroup
Sheikh Hamad said the Qatar Investment Authority made a profit of between $7 billion and $8 billion in the first quarter of 2009, the news agency and local dailies said.
It is not true that our investments are only in the euro zone. We have some in Asia, the media reported Sheikh Hamad as saying.
Sheikh Hamad also said depreciation in Qatar's overseas assets due to the financial turmoil resulted in a loss of about $4 billion in 2008, media said.
Qatar's fund, which also has stakes in Credit Suisse
His remarks come after IPIC sold more than 11 percent of Barclays, making $2.5 billion from an investment that helped the British bank through the financial crisis.