Former Volkswagen Chairman Ferdinand Piëch will sell the majority of his shares in Porsche SE, the holding company of German carmaker Volkswagen. The move will draw a line under months of infighting among the members of a powerful family clan that has shaped the German car industry like no other.
In a statement on Monday, Porsche SE said that the families Porsche and Piëch, who together control 52.2 percent of Volkswagen’s voting rights, have decided to buy the majority of Mr. Piëch’s shares, who currently holds 14.7 percent of Porsche SE.
Following the agreement, Mr. Piëch’s shares, estimated to be worth €1 billion ($1.06 billion), will be reduced to 1 percent of the holding company. The families declined to provide financial details on the precise amount the shares were bought for.