Piech’s Brother Gains Blocking Stake in Porsche SE

Former Volkswagen AG Chairman Ferdinand Piech has sold most of his 14.7% stake in the holding company that controls VW to his younger brother Hans-Michel Piech, the Frankfurter Allgemeine Zeitung reports.

The move gives the younger Piech, who is 75 years old, a blocking 25.1% minority stake in Porsche Automobil Holding SE, which owns 52.2% of the voting shares of VW Group. Porsche SE is controlled by the Piech and Porsche families.

The sale disbursed 10.4% of Ferdinand’s holding to Hans-Michel and the remaining 4.3% to other Piech family members, according to the Frankfurter Allgemeine.

Hans-Michel tells the newspaper the deal was agreed to by the Piech and Porsche families as a move to ensure neither clan would have sole control of Porsche SE. The younger Piech has emerged as a mediator in disputes between the two families, according to the report.