Piech in Talks to Sell Porsche SE Stake

Porsche Automobil Holding SE, which owns a controlling stake in Volkswagen AG, confirms it is in talks with former VW Chairman Ferdinand Piech to sell his 14.7% share in the holding company.

Piech’s stake, which is worth about €1 billion ($1.1 billion), would be transferred to other members of the Piech and Porsche families that own Porsche SE. The company notes that no deal has been finalized.

Earlier this month reports surfaced that the holding company was maneuvering to remove Piech from its supervisory board. Piech resigned as VW’s chairman in 2015 after a power struggle with then-CEO Martin Winterkorn.

Piech resigned as chairman shortly thereafter when VW’s diesel emission cheating scandal surfaced. He since has become embroiled in a controversy with the VW board about when it became aware of the cheating.