Former Volkswagen Chairman Ferdinand Piëch is in talks to sell his shares in the firm. The Piëch and Porsche families own more than 50 percent of Volkswagen through Porsche Automobile Holding SE. The holding company announced Friday that the families were in talks over whether Piëch would transfer “the major part of his ordinary shares” to other family members. Piëch has widely been credited with positioning Volkswagen to become Europe’s largest carmaker. Media reports suggest large parts of the current management would love to see the influence of Piëch further diminished, following recent attacks by the 79-year-old billionaire.

Source: Daily News Egypt March 18, 2017 11:03 UTC