Report: Porsche family boosts influence in Porsche holding

FRANKFURT (Thomson Financial) -- The Porsche family has increased its influence in Porsche's holding company, while that of the Piech family has been reduced, Der Spiegel magazine reported, citing sources.

It said the Porsche family has increased its stake in Porsche Automobil Holding to 61.9 percent from 53.7 percent, while the Piech family has reduced its stake to 38.1 percent from 46.3 percent.

A Porsche spokesman declined to comment on the changes in the two families' shareholdings.

Porsche Automobil Holding owns a nearly 31 percent stake in Volkswagen AG and all the ordinary shares in Porsche.

As a result of the shareholding changes, Ferdinand Piech is stepping down from the four-man presidium of the Porsche Holding supervisory board and will instead sit on the supervisory board of Audi.

Wolfgang Porsche, current chairman of Porsche supervisory board, will replace Heinrich von Pierer on the Volkswagen supervisory board, Focus and WirtschaftsWoche magazines reported, citing sources.

The two magazines also said Hans Michel Piech, brother of Ferdinand Piech, will sit on the VW supervisory board.

They said Wolfgang Porsche is the cousin of the two Piech brothers.

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