A huge Porsche SE stake owned by previous Volkswagen chairman Ferdinand Piech might be purchased by other members of the Porsche and Piech clans prior to May 30, German publisher Bild am Sonntag said.
Porsche SE stated on Friday that Piech wanted to sell his 14.7 percent stake in the family-controlled holding company, which deserves at least 1.1 billion euros ($1.2 billion). It said that although the Porsche and Piech households remained in talks to purchase much of that stake, it was unclear if an offer would proceed.
The Porsche and Piech families manage 52 percent of Volkswagen Group’s common stock through their holding business Porsche SE, and have a right of first refusal to purchase Piech’s stake, which corresponds to a 7.35 percent financial stake in Volkswagen.
The share package could alter hands prior to the Porsche SE yearly general meeting on May 30, Bild am Sonntag stated, citing an individual knowledgeable about the deliberations.