Porsche's Ferdinand Piech to sell majority of stake to Porsche, Piech families

By Friedrich Geiger

BERLIN--Volkswagen AG's main shareholder Porsche Automobil Holding SE said Monday Ferdinand Piech has agreed to sell the majority of his stake in the holding to other members of the Porsche and Piech families.

Foundations influenced by Mr. Piech assigned the major part of their indirectly held voting shares to other family members, according to the holding. Mr. Piech so far controlled about 14.7% of the common stock of the holding.

The deal is Mr. Piech's latest step in his departure from Volkswagen AG, the car maker whose supervisory board chairman he once was. Porsche Holding controls about 52% of the voting stock of Volkswagen. The Porsche sports-car brand is a subsidiary of Volkswagen.

Mr. Piech will be available as a member of the holding's supervisory board until closing of the transaction, which is subject to approval by several authorities.

The Ferdinand Karl Beta private foundation, also influenced by Mr. Piech, indirectly retains a minor share in Porsche

Holding.

Write to Friedrich Geiger at [e-mail]

(END) Dow Jones Newswires

April 03, 2017 10:57 ET (14:57 GMT)

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