Porsche turned down for loan

Source: Agencies | July 1, 2009, Wednesday |

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PORSCHE said yesterday that a state-owned German development bank has rejected its application for 1.75 billion euros (US$2.46 billion) in credit, but that a Qatar investment fund has offered to buy a stake in the sports car maker.

Porsche Automobil Holding SE said the KfW bank had rejected the application. The bank told the company it could make a new bid "at any time," but Porsche said it will not take up the offer.

"After this decision, Porsche will hold talks on alternative financing possibilities," it added.

Stuttgart-based Porsche is trying to alleviate debt it ran up as it increased its stake in larger German auto maker Volkswagen AG, in which it now holds a 51 percent stake. It submitted its bid for KfW credit earlier in June.

Porsche also confirmed yesterday that Qatar's state investment fund has made an offer to take a stake in the car maker.

"We have an offer from the Qatar Investment Authority that describes taking a stake in Porsche Holding SE and the purchase of VW stock options," said spokesman Albrecht Bamler. He refused to give any further details.

On Monday, Porsche rejected Volkswagen's bid to take a 49 percent stake in the sports car maker.

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Porsche turned down for loan

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