On August 14, 2009, Porsche and the state-owned fund Qatar Holding LLC reached an agreement on, among others, the takeover of a majority of Porsche’s cash settled options relating to VW shares by Qatar Holding LLC.
The deal allows Qatar to acquire up to 17 percent of ordinary shares in VW and become the company’s third-largest shareholder alongside Porsche Automobil Holding SE and the state of Lower Saxony. Part of Qatar’s commitment is a binding undertaking to participate in the existing syndicated loan – provided by 16 banks – with an amount of up to EUR 265 million.
Qatar Holding LLC also acquired 10 percent of ordinary shares in Porsche Automobil Holding SE from the family shareholders Porsche and Piëch.
Credit Suisse assisted Qatar in the takeover of the options, acting as an advisor to Qatar Holding LLC. Credit Suisse was in turn advised by Gleiss Lutz on legal matters.
Credit Suisse was advised by the following team of Gleiss Lutz lawyers: Dr. Christian Cascante (partner, corporate/M&A, Stuttgart, lead), Dr. Helge Kortz (partner), Dr. Maximilian von Rom (both banking and finance, Frankfurt), Dr. Bodo Riegger (of counsel) and Dr. Adrian Bingel (both corporate/M&A, Stuttgart).
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