Patriarch Withdrawing

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Piëch in Talks to Sell VW Stake

  • Why it matters

    Why it matters

    The sale could finally end Ferdinand Piëch’s influence over VW after decades running and steering the world’s largest automaker, both in boardroom roles and behind the scenes.

  • Facts

    Facts

    • Porsche Automobil Holding SE, which owns a majority of VW, said on Friday that talks were taking place on the possible sale of Ferdinand Piëch’s shares to other members of the Porsche and Piëch families.
    • Mr. Piëch owns 14.7 percent of ordinary shares in Porsche SE, the parent company of VW. His are estimated to be worth just over €1 billion.
    • Mr Piëch is embroiled in a dispute with other family members after accusing several members of VW’s supervisory board, including his cousin Wolfgang Porsche, of knowing about the diesel emissions scandal earlier than they have acknowledged.
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Long-time VW patriarch Ferdinand Piëch, 79, is in talks to sell his shares in auto giant VW, its parent company Porsche Automobil Holding SE said on Friday.

The sale could end Mr. Piëch’s influence over VW after decades running and steering the world’s largest automaker, both in boardroom roles and behind the scenes.

Mr. Piëch, a former chief executive and supervisory board chairman of VW, is embroiled in a dispute with other members of the Piëch and Porsche families after he accused several members of VW’s supervisory board, including his cousin Wolfgang Porsche last month of knowing about the diesel emissions scandal months earlier than they have publicly acknowledged.

VW’s supervisory board has categorically rejected Mr. Piëch’s allegations and threatened to take legal action against him.

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