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VW ex-Chairman Piech in talks to sell Porsche SE stake

Reuters  |  BERLIN 

(Reuters) - Former Chairman Ferdinand is in talks to sell his stake in SE in a deal that would shake up the ownership structure of the company that controls Volkswagen, the world's largest carmaker.

SE is the group through which the billionaire and families control VW, which is still dealing with the effects of its diesel emissions scandal.

The families are in negotiations for a 14.7 percent stake in SE, worth around 1 billion euros ($1.1 billion), to be transferred from to other members of the family, SE said in a statement on Friday, confirming a report by weekly magazine Der Spiegel.

"At present, it is still unforeseeable whether the aforesaid changes in the shareholder structure of Automobil Holding SE will in fact occur," the group said in a statement in English.

The and families have a right of first refusal on shares held by

Pressure has been rising on Piech, who resigned from his post at VW in April 2015 after a showdown with former chief executive Martin Winterkorn, since an unsourced media report said last month he had informed top directors about potential cheating of diesel emission tests six months before the scandal became public in September 2015.

VW has strongly denied this and last month signalled it could take legal action against

VW declined comment on SE's statement.

Bild am Sonntag separately reported earlier this month that could lose his supervisory board seat at SE.

($1 = 0.9301 euros)

(Reporting by Andreas Cremer; Writing by Maria Sheahan.)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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VW ex-Chairman Piech in talks to sell Porsche SE stake

BERLIN (Reuters) - Former Volkswagen Chairman Ferdinand Piech is in talks to sell his stake in Porsche SE in a deal that would shake up the ownership structure of the company that controls Volkswagen, the world's largest carmaker.

(Reuters) - Former Chairman Ferdinand is in talks to sell his stake in SE in a deal that would shake up the ownership structure of the company that controls Volkswagen, the world's largest carmaker.

SE is the group through which the billionaire and families control VW, which is still dealing with the effects of its diesel emissions scandal.

The families are in negotiations for a 14.7 percent stake in SE, worth around 1 billion euros ($1.1 billion), to be transferred from to other members of the family, SE said in a statement on Friday, confirming a report by weekly magazine Der Spiegel.

"At present, it is still unforeseeable whether the aforesaid changes in the shareholder structure of Automobil Holding SE will in fact occur," the group said in a statement in English.

The and families have a right of first refusal on shares held by

Pressure has been rising on Piech, who resigned from his post at VW in April 2015 after a showdown with former chief executive Martin Winterkorn, since an unsourced media report said last month he had informed top directors about potential cheating of diesel emission tests six months before the scandal became public in September 2015.

VW has strongly denied this and last month signalled it could take legal action against

VW declined comment on SE's statement.

Bild am Sonntag separately reported earlier this month that could lose his supervisory board seat at SE.

($1 = 0.9301 euros)

(Reporting by Andreas Cremer; Writing by Maria Sheahan.)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
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VW ex-Chairman Piech in talks to sell Porsche SE stake

(Reuters) - Former Chairman Ferdinand is in talks to sell his stake in SE in a deal that would shake up the ownership structure of the company that controls Volkswagen, the world's largest carmaker.

SE is the group through which the billionaire and families control VW, which is still dealing with the effects of its diesel emissions scandal.

The families are in negotiations for a 14.7 percent stake in SE, worth around 1 billion euros ($1.1 billion), to be transferred from to other members of the family, SE said in a statement on Friday, confirming a report by weekly magazine Der Spiegel.

"At present, it is still unforeseeable whether the aforesaid changes in the shareholder structure of Automobil Holding SE will in fact occur," the group said in a statement in English.

The and families have a right of first refusal on shares held by

Pressure has been rising on Piech, who resigned from his post at VW in April 2015 after a showdown with former chief executive Martin Winterkorn, since an unsourced media report said last month he had informed top directors about potential cheating of diesel emission tests six months before the scandal became public in September 2015.

VW has strongly denied this and last month signalled it could take legal action against

VW declined comment on SE's statement.

Bild am Sonntag separately reported earlier this month that could lose his supervisory board seat at SE.

($1 = 0.9301 euros)

(Reporting by Andreas Cremer; Writing by Maria Sheahan.)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22