Porsche board okays cap hike of at least 5 bln eur

FRANKFURT, July 22 Wed Jul 22, 2009 7:11pm EDT

FRANKFURT, July 22 (Reuters) - Porsche (PSHG_p.DE) will increase its capital by at least 5 billion euros ($7.10 billion) in a move to bolster its sagging balance sheet ahead of a planned integration with Volkswagen (VOWG.DE), Porsche said early on Thursday.

"The Supervisory Board of Porsche Automobil Holding SE, Stuttgart, in its extraordinary meeting this Wednesday accepted the proposal of the Board of Management to prepare for a capital increase of at least five billion euros in cash and/or a contribution in kind," it said in a brief statement.

Porsche didn't reveal further details such as whether Qatar would be taking a stake.

(Reporting by Christiaan Hetzner and Edward Taylor)

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