There are two Porsche companies. Porsche AG (the car company) is controlled/owned by Volkswagen AG, but there's also Porsche SE (holding company). The latter controls a 50.7% majority of voting rights of Volkswagen AG, for 31% of share ownership. The families of Porsche-Piech own 50% of Porsche SE, but 100% of the voting rights.

TL;DR Banks stopped lending to Porsche before it could seal the deal because 2008 happened.

And Angela Merkel herself dissuaded the sheikh from lending Porsche money!