MUNICH (Dow Jones) – Volkswagen ‘s supervisory board chairman Ferdinand Piëch has his Porsche ‘s shares after a magazine report Two Austrian private foundations transferred to his heirs later simply can not sell all the company ‘s assets. ( Reuters photo 🙂
The 73- year-old confirmed to the magazine "Focus ":" I have received the secure future for our company at heart. Therefore, and in the sense Sustainability I – like Bosch , it has done – for The Foundation decided. " close control in automotive supplier Bosch The Robert Bosch Stiftung GmbH 92 % of the shares.
Piëch looks at the construction found by him "the Majority of my heirs after me . " But consider for Focus Information some of his twelve children, the Piëch fathered with four women, legal action.
As long as Piëch lives , has in the private foundations Ferdinand Karl Ferdinand Karl Alpha and Beta for documents that the magazine Available only he has the say. The foundation documents regulate how with just under 7 percent stake Ferdinand Piëch at Stuttgart Sports car maker Porsche , and with its 10 percent stake at the Salzburg Porsche Holding, Europe’s biggest car dealer, should be handled .
Above all a sale of shares by the Porsche Foundation Staff made nearly impossible. Only if the Executive Board and Advisory Board the Foundation and at least nine of the twelve children Piëch agree the estate may be sold. The Foundation will also have the Children do not have the same rights: the marriage will be loud Deed better off.
Piëch foundation model also has implications for the future of Volkswagen. Until 2011, Porsche and the VW group also formally be merged.
DJG / rio / sh