Piech in talks to sell most of stake in VW holding company

Elizabeth Williams
March 21, 2017

Germany's Der Spiegel said family members of the 79-year old luxury vehicle icon, as well as members of the Porsche family, have the right to buy Piech's 14.7% stake and wish to keep it under control of Porsche SE, a holding company that controls just over half of VW's voting shares.

The 79-year-old is now seeking to cut remaining ties with the automaker by offloading his considerable stake in Porsche Automobil Holding, the holding company that controls the VW Group via a 52 percent stake of the automaker's voting shares.

A huge Porsche SE stake owned by previous Volkswagen chairman Ferdinand Piech might be purchased by other members of the Porsche and Piech clans prior to May 30, German publisher Bild am Sonntag said.

The share package could change hands before the Porsche SE annual general meeting on May 30, Bild am Sonntag said, citing a person familiar with the deliberations. "Selling off his stake is the most logical step".

VW declined to comment to Reuters on Porsche SE's statement.

An unsourced media report said last month that Piech had already begun attacking his former allies and had informed top directors about potential cheating of diesel emission tests six months before the scandal became public in September 2015.

VW strongly denied this and last month indicated it could take legal action against Piech.

Piech, pictured when he was chairman of the VW supervisory board.

Other reports by VgToday

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