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10 04 2017 03

BERLIN -- Former Volkswagen Group Chairman Ferdinand Piech sold the bulk of his stake in the company that controls VW to his younger brother Hans Michel Piech, a German paper reported.

Piech sold a major part of his 14.7 percent stake in Porsche SE, which owns 52.2 percent of voting shares in VW Group, to his brother, the Frankfurter Allgemeine Zeitung reported on Thursday, quoting Hans Michel Piech.

The 75-year-old lawyer, who is based in Vienna, now owns 25.1 percent of the family-owned investment firm, Frankfurter Allgemeine reported, giving him a blocking minority on major strategic decisions.

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