Former Volkswagen chairman Ferdinand Piech offered the bulk of his stake in the company to his younger brother, Frankfurter Allgemeine Zeitung noted.
Piech, who dominated Volkswagen for over two decades as chief executive and chairman prior to he resigned in 2015, sold a huge part of his 14.7 percent stake in Porsche SE, which owns 52.2 percent of voting shares in automaker, to Hans Michel Piech, the paper noted on Thursday, quoting the acquirer.
Porsche SE stated last week that the Porsche and Piech clan had accepted to purchase the bulk of Ferdinand Piech’s stake, without providing information on the redistribution of shares.
The families had a right of first refusal on the shares formerly owned by the mastermind of VW’s international expansion who turns 80 on April 17.
Hans Michel Piech now owns 25.1 percent of the family-owned investment firm, Frankfurter Allgemeine reported, providing him an obstructing minority on significant strategic decisions.
Another 4.3 percent of the Piech stake was handed down to other member of the family, the paper noted.
“This was a joint decision by the Porsche and Piech families,” stated Hans Michel Piech according to the newspaper, including the top priority was to make sure that none of the two tribes took sole control over Porsche SE.