FRANKFURT (AFP) – The German luxury sports car maker Porsche has ruled out selling shares to Volkswagen and will now only consider an offer from Qatar, a press report said.

Porsche’s supervisory board, which is to hold an exceptional meeting on July 23, has placed the question of a Qatari investment under the heading “decision” while one by VW is listed under “information,” the popular daily Bild reported.

VW, the biggest European carmaker, has offered to buy 49.9 percent of Porsche, which itself currently owns 51 percent of VW.

According to media reports, Qatar is willing to pay seven billion euros (9.8 billion dollars) for more than 25 percent of the Porsche Automobil Holding group and VW stock options owned by Porsche.

The maker of the 911 sports car is being crushed by nine billion euros in debt that it ran up while trying to acquire a VW stake of around 75 percent.

In a boardroom drama that opposes the Porsche and Piech families, major forces in the two groups, VW then tried to turn the tables on its dominant shareholder by making an offer for almost half of Porsche.

VW was prepared to pay more than four billion euros, press reports have said.