Porsche-Peich Family Regains Majority Control of Volkswagen

The PorschePorscheGermany, 1931 > present43 models
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-Piech family have regained majority control over VolkswagenVolkswagenGermany, 1938 > present98 models
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Group after buying back 10% of Porsche Automobil Holding SE from Qatar. The acquisition means that the family owns 50.7% of VW shares

"All of Porsche SE's common stock is now again held by the Porsche and Piech families. This is an expression of our confidence in the prosperous future of Porsche SE as the largest shareholder of Volkswagen AG," said Wolfgang Porsche, Porsche SE supervisory board chairman.

The precise cost of the deal was not given, but on the open market Qatar's stake in the company was worth €930 million. Generally, in these types of large deals the stock is purchased at a price lower than the public price.

Qatar still owns 17% of Volkswagen Group stock. 

Porsche is also facing a €5.4 billion lawsuit in Germany over whether it hid its plans to buy Volkswagen four years ago. Porsche denies the claims.

The power of the Porsche-Piech family goes back to Ferdinand Porsche designing the Volkswagen. Porsche's daughter married a Viennese lawyer named Anton Piech, and after the war he ran the Volkswagen factory in Wolfsburg. Their son Ferdinand Piech became and engineer at Porsche and eventually became chairman of Volkswagen Group.

Source: Automotive News Europe