VW Shakeup

Ferdinand Piëch Share Sell-Off Rings in New Era

  • Why it matters

    Why it matters

    Ferdinand Piëch has controlled the workings at Volkswagen for over two decades. Over the past years, he had increasingly alienated former companions and family members. His departure will spell a new era.

  • Facts

    Facts

    • Ferdinand Piëch will sell the bulk of this shares in Porsche SE to members of his Piëch/Porsche family clan.
    • Porsche SE is a holding company that controls 52.2 percent of Volkswagen’s voting rights, with the families fending off outside influence.
    • The departure of Ferdinand Piëch will end years of infighting between family members and among VW’s supervisory board members.
  • Audio

    Audio

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Germany Volkswagen Piech
Ferdinand Piëch. Picture source: Getty

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.

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