|The Porsche family, with Ferdinand Piech at lower left, sitting on the grass - circa 1942.|
The tight control both the Porsche and Piech families hold over stock ownership remains, despite Dr. Ferdinand Piech (80) selling the bulk of his 14.7% share to his younger brother, 75-year-old Hans Michael Piech.
Although the share sale dramatically increases Hans’ influence over voting decisions at VWAG, the move is seen as both a beneficial and smooth transition of voting power by both families.
|Wolfgang Porsche & Hans Michael Piech|
The family member with a direct Porsche family line, Wolfgang, has said this was an amicable joint decision by both the Porsche and Piech families, and he is pleased with the share sale, as Hans Michael Piech had acted as a mediator in family meetings and disputes.
Hans Michael Piech now holds a 25.1% share of the family company PORSCHE SE, giving him a blocking vote on major developments at VW Group.