80 year old Piëch has agreed to sell most of his 15 percent stake in the family holding company to his relatives rather than to an outside investor. The stake was valued at more than $1 billion.
The deal, announced on Monday, averts the turmoil that might have ensued if the Porsche and the Piëch families had been forced to absorb an outside shareholder into Porsche Automobil Holding, which owns 52 percent of Volkswagen’s voting shares.
After joining Volkswagen’s Audi unit as a junior executive in the 1970s, Mr. Piëch rose to become chief of the brand and established it as a rival to Mercedes-Benz and BMW. He became chief executive of Volkswagen in 1993 and led the company from the brink of bankruptcy to dominance of the European car market and near parity with Toyota, which competes with Volkswagen for the title of world’s largest automaker.