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Porsche family makes unprecedented rebuttal of family rift

The Porsche family has denied claims made in The Financial Times Deutschland that Ferdinand Piech, chairman of Volkswagen, blocked the quick entry of the Qatar Investment authority into Porsche.

It was only announced last week that the luxury carmaker was in talks with the QIA about the sale of a 25% stake. However, the family has released a statement denying the story. "The FTD article is nothing more than a transparent, destructive action, which we won't allow to distract us from our course," it said.

It went on to stress that the talks are still on track. "The family stands unanimously behind the talks with the investor. A family meeting, at which Ferdinand Piech supposedly prevented a quick entry of Qatar at Porsche, did not take place."

The Porsche and Piech families agreed to merge in May, bringing together two branches of the same family, and two well-known car manufactures, Porsche and VW. The agreement seemed to close the rift between the Porsche supervisory chairman, Wolfgang Porsche (pictured) and Piech.

The statement went on to claim that the family was united in its objectives. "There is also a family consensus that the demand from Wolfsburg [where Porsche is based], stating that prior to entry, Qatar must first enter talks with the Volkswagen management and the Volkswagen works council, is completely unfounded. The topic of Qatar is purely a concern of the owners, and it will be dealt with exclusively in Porsche SE."

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