Porsche's Ferdinand Piech to sell majority of stake to Porsche, Piech families
April 03 2017 - 11:12AM
Dow Jones News
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 friedrich.geiger@wsj.com
(END) Dow Jones Newswires
April 03, 2017 10:57 ET (14:57 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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