Former VW patriarch Piech to sell bulk of Porsche SE stake

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  • Ferdinand Piech, former chairman of the supervisory board of  German carmaker Volkswagen, arrives at the annual shareholders meeting in Hanover in this April 25, 2013 file photo. REUTERS/Fabian Bimmer/Files

    Ferdinand Piech, former chairman of the supervisory board of German carmaker Volkswagen, arrives at the annual shareholders meeting in Hanover in this April 25, 2013 file photo. REUTERS/Fabian Bimmer/Files (Copyright Reuters 2017)

  • Ferdinand Piech, former chairman of the supervisory board of  German carmaker Volkswagen, arrives at the annual shareholders meeting in Hanover in this April 25, 2013 file photo. REUTERS/Fabian Bimmer/Files

    Ferdinand Piech, former chairman of the supervisory board of German carmaker Volkswagen, arrives at the annual shareholders meeting in Hanover in this April 25, 2013 file photo. REUTERS/Fabian Bimmer/Files (Copyright Reuters 2017)

Former Volkswagen Chairman Ferdinand Piech has agreed to sell a major part of his stake in the firm that controls Europe's biggest carmaker, paring his ties with Volkswagen after more than two decades of undisputed rule.

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Volkswagen's (VW) ruling Porsche and Piech families have agreed to buy part of the 14.7 percent stake Piech holds in Porsche Automobil Holding SE , which in turn owns 52.2 percent of voting shares in VW, exercising their right of first refusal on Porsche SE shares, according to a Porsche SE statement published on Monday.

It did not say exactly how much of the stake the families would buy.

(Reporting by Andreas Cremer and Maria Sheahan; Editing by Victoria Bryan)