Volkswagen looks for quick deal concerning Ferdinand Piech’s shares

The Porsche and Piech families are wanting to strike a quick deal to purchase shares in Porsche SE from Volkswagen’s former chairman Ferdinand Piech, a person knowledgeable with the matter stated on Monday.

“The negotiations are serious,” the individual stated.

Porsche SE, the holding company which manages 52 percent of VW’s shares, said on Friday that the families remained in negotiations to purchase a considerable part of Ferdinand Piech’s 14.7 percent stake in Porsche SE, which deserves just over 1.1 billion euros ($ 1.2 billion) based on present market value.

Talks are to be finished in the coming weeks, perhaps even prior to the end of March, the source stated.

German paper Handelsblatt had earlier mentioned sources as saying that any deal, which might come within days, was likely to shift the balance of power at Porsche SE more towards the Porsche side of the clan.

The source knowledgeable about the matter dismissed speculation that the families could not put up the money to fund a purchase of Ferdinand Piech’s shares, saying that the Porsche and Piech households know how they’re going to fund this.