Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News  >  Business Leaders  >  All news

Business Leaders

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 
HomeAll newsMost read newsBusiness Leaders Biography 
Birthday : 04/17/1937
Place of birth : Vienne - Austria

VW clan aims for quick deal over Ferdinand Piech's shares - source

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/20/2017 | 03:44pm CEST
FILE PHOTO - Piech, chairman of the supervisory board of German carmaker Volkswagen and his wife Ursula, member of the board of VW, arrive at the annual shareholders meeting in Hanover

The Porsche and Piech families are looking to strike a swift deal to buy shares in Porsche SE (>> Porsche Automobil Holding SE) from Volkswagen's  (>> Volkswagen AG) former chairman Ferdinand Piech, a person familiar with the matter said on Monday.

The Porsche and Piech families are looking to strike a swift deal to buy shares in Porsche SE (>> Porsche Automobil Holding SE) from Volkswagen's  (>> Volkswagen AG) former chairman Ferdinand Piech, a person familiar with the matter said on Monday.

"The negotiations are serious," the person said.

Porsche SE, the holding company which controls 52 percent of VW's shares, said on Friday that the families were in negotiations to buy a substantial part of Ferdinand Piech's 14.7 percent stake in Porsche SE, which is worth just over 1.1 billion euros (968.32 million pounds) based on current market prices.

Talks are to be completed in the coming weeks, possibly even before the end of March, the source said.

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

The source familiar with the matter dismissed speculation that the families might not put up the money to fund a purchase of Ferdinand Piech's shares, saying: "The Porsche and Piech families know how they're going to finance this."

If Piech were to sell his stake, it would mark the end of an era for Volkswagen which he dominated for decades. Piech, who turns 80 next month, transformed VW from a regional volume manufacturer into a global powerhouse, which owns the Bentley, Bugatti, Skoda, Lamborghini, Porsche, Seat and Audi brands.

But since resigning as chairman in April 2015 following a showdown with former CEO Martin Winterkorn, he has proved to become something of a recluse.

(Reporting by Jan Schwartz; Writing by Maria Sheahan; Editing by Kathrin Jones, Greg Mahlich)

Stocks treated in this article : Volkswagen AG, Porsche Automobil Holding SE
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news about Ferdinand Piëch 
03/21 FERDINAND PIËCH : Porsche SE has no information about Piech's stake sale talks
03/20 FERDINAND PIËCH : VW clan aims for quick deal over Ferdinand Piech's shares - source
03/19 FERDINAND PIËCH : Bild am Sonntag
03/17 FERDINAND PIËCH : Former Volkswagen chairman Piech in talks to sell Porsche SE stake
03/12 FERDINAND PIËCH : Ferdinand Piech to lose board seat at Porsche SE - Bild am Sonntag
03/03 FERDINAND PIËCH : Audi CEO steps down from Piech family foundation
02/09 FERDINAND PIËCH : Ex-Israeli ambassador denies informing VW's Piech about diesel issues
02/03 FERDINAND PIËCH : Ex-VW chairman Piech testifies in Winterkorn probe
2016 FERDINAND PIËCH : Piech, Porsche families say united behind VW management - Spiegel
2015 FERDINAND PIËCH : Piech stopped Winterkorn becoming VW chairman - media
2015 FERDINAND PIËCH : VW interim chairman to stay on, hunt for Piech successor continues - Bild
2015 FERDINAND PIËCH : Audi chairman says will take 'bit of time' to replace Piech on board
2015 FERDINAND PIËCH : Piech misses Porsche AGM, as VW seeks to build bridges
2015 FERDINAND PIËCH : Volkswagen Renschler to replace Piech as MAN chairman
2015 FERDINAND PIËCH : Ceo
1  2  3  4  5  6  7  8  9  10Next

Advertisement
Most Read News 
03/24DJCHARLES SCHWAB : ProShares No Longer Wants to Pay Charles Schwab to Sell Its ETFs
03/24 RICHIE BOUCHER : Bank of Ireland CEO Boucher to retire before year-end
03/22 PING LI : Container shipping lines ordered to testify in U.S. sector probe
03/22 HOWARD SCHULTZ : Starbucks CEO Schultz to host last shareholder meeting
03/22DJJACK MA : Alibaba to Establish Malaysia Hub
03/22 LI KA-SHING : Li Ka-shing says does not expect HK property prices to fall
03/23DJJOSEPH PAPA : Valeant CEO Joseph Papa Was Paid $62.7 Million in 2016
More news

Popular Business Leaders 
William Ackman Alain Afflelou Bernard Arnault Max Azria Mary Barra Yannick Bolloré Warren Buffett Jean-paul Clozel Gary Cohn Tim Cook Leonardo Del Vecchio Michael Dell Jamie Dimon Klaus Engel Bill Gates Carlos Ghosn Stuart Gulliver Peter Hancock David Henry Carl Icahn Anshu Jain Isabelle Kocher Arnaud Lagardère Maurice Lévy Jack Ma Sergio Marchionne Marissa Mayer Lakshmi Mittal Rupert Murdoch Elon Musk Robert Peugeot Ferdinand Piëch Patrick Pouyanné Sumner Redstone Alexandre Ricard Wilbur Ross Charles Schwab Carlos Slim George Soros Rupert Stadler Bernard Tapie Ratan Tata Tidjane Thiam François Villeroy De Galhau Axel Weber Thomas Wilson Martin Winterkorn Dieter Zetsche Mark Zuckerberg
A-Z Business Leaders