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Shearman & Sterling Advises the Emirate of Qatar on its Investment in Volkswagen and Porsche
17 Aug 2009
Roger Kiem, Esther Jansen, Marc O. Plepelits, Reinhard Stockum, Patrick Clancy, Clifford Atkins, Julian Tucker, Hans Jürgen Meyer-Lindemann, Bradley K. Sabel, Gregg L. Rozansky, Bodo Bender, Andreas Wieland, Carlos Robles y Zepf, Dirk Neumann, Nikolaus Plagemann, Giuseppe Sferrazza, Clemens Graf York von Wartenburg

Shearman & Sterling has advised Qatar Investment Authority (“QIA”) and Qatar Holding LLC (“Qatar Holding”) on its investment in Volkswagen AG (“Volkswagen”) and in Porsche Automobil Holding SE (“Porsche”).

Under the agreement, Qatar Holding will acquire cash settled options on Volkswagen shares from Porsche. Following the closing of the transaction and after having received all regulatory approvals, Qatar Holding is subsequently planning to acquire approximately 17 percent of Volkswagen ordinary shares, thus becoming the third largest shareholder of Volkswagen alongside Porsche and Lower Saxony. In addition, Qatar Holding undertook to participate in the existing syndicated loan with an amount of up to € 265 million.

Qatar Holding has also agreed with the Porsche and Piëch families on the acquisition of 10 percent of Porsche common shares.

Qatar Holding is the strategic and direct investment arm of QIA. QH’s overall investment commitment in connection with this transaction is in excess of € 7 billion.

Shearman & Sterling attorneys involved in the transaction include partners Roger Kiem (Frankfurt-M&A), Esther Jansen (Frankfurt-European Finance), Marc O. Plepelits (Frankfurt-Capital Markets), Reinhard Stockum (Frankfurt-Tax), Patrick Clancy (London-Derivatives), Clifford Atkins (London-European Finance), Julian Tucker (London-European Finance), Hans Jürgen Meyer-Lindemann (Düsseldorf-Competition) and Bradley K. Sabel (New York-US Bank Regulatory); counsel Gregg Rozansky (New York-US Bank Regulatory); and associates Jens Riedel (Frankfurt-M&A), Bodo Bender (Frankfurt-Tax), Andreas Wieland (Frankfurt-Financial Institutions Advisory), Sebastian Cohnen (Frankfurt-European Finance), Patrick Heid (Frankfurt-M&A), Carola Glasauer (Frankfurt-M&A), Carlos Robles y Zepf (Düsseldorf-M&A), Dirk Neumann (Düsseldorf-M&A), Christian Appelbaum (Düsseldorf-M&A), Martin Greiser (Düsseldorf-M&A), Nikolaus Plagemann (Düsseldorf-M&A), Giuseppe Sferrazza (Düsseldorf-M&A), Philipp Tranacher (Frankfurt-Tax), Clemens York von Wartenburg (Brussels-Competition), and James Brilliant (London-Financial Institutions Advisory).