Piech in talks to sell stake in Porsche SE

BERLIN: Former Volkswagen (VW) chairman Ferdinand Piech is in talks to sell his stake in Porsche SE in a deal that would shake up the ownership structure of the firm that controls VW.

Porsche SE is the group through which the billionaire Porsche and Piech families control 52.2 per cent of the voting shares in VW, which is still dealing with the effects of its diesel emissions scandal.

The families were in negotiations to buy a substantial part of Ferdinand Piech’s 14.7 per cent stake in Porsche SE, said Porsche SE in a statement on Friday, confirming a report by weekly magazine Der Spiegel. Reuters