Qatar expects Porsche outcome in around two weeks

Qatar's Prime Minister has said the outcome of talks to acquire a stake in ailing German sportscar maker Porsche should be revealed within three weeks, declining to disclose the targeted share.

The Qatar Investment Authority is in talks with the company.

The picture should be clearer in two to three weeks, Sheikh Hamad bin Jassem al-Thani told reporters late on Tuesday.

"We are still negotiating over the share to be acquired," he said. "We have not disclosed any details, nor has Porsche, because there is an agreement between the two parties not to divulge any information."

German media reported this week that Qatar was ready to buy at least 25 per cent of the heavily indebted car maker, and the company said last week it was in exclusive talks with Qatar.

Porsche is saddled by €9 billion in debt incurred when it tried to take over Volkswagen, of which it now holds 51 per cent. Porsche abandoned the takeover bid last month and the two car makers said they would discuss terms of a merger, but disagreements quickly surfaced.

Qatar investing in Porsche could allow the car maker to revive the takeover bid for the much bigger VW. It would also mark the second major investment by Middle Eastern interests in Germany's auto sector. In late March, the Abu Dhabi state investment fund Aabar Investments bought a nine per cent stake in Daimler, which owns Mercedes-Benz.