Former VW chairman sells most of indirect stake in company

Former Volkswagen board chairman Ferdinand Piech has agreed to sell the bulk of his substantial indirect stake in the company to other members of the two controlling families.

The agreement leaves Piech, 79, with only a small number of shares and appears to mark his effective exit from the company he shaped for decades.

Piech held around 15 percent of Porsche Automobil Holding SE, a stake valued at around 1.1 billion euros ($1.2 billion). The holding company said in a statement Monday that Piech reached agreement to sell a "substantial part" of those shares held by a private foundation he controls to other members of the Porsche and Piech families.