March 17, 2017 / 5:01 PM / 5 months ago

VW ex-Chairman Piech eyes exit from Porsche SE - Spiegel

FRANKFURT, March 17 (Reuters) - Former Volkswagen Chairman Ferdinand Piech is looking to sell shares worth around 1 billion euros ($1.08 billion) in Porsche SE , which controls Europe's largest carmaker, German weekly Der Spiegel reported on Friday.

The Porsche and Piech families, which control a majority of VW common stock through family-owned holding company Porsche SE and which have a right of first refusal for Piech's 14.7 percent stake, are interested in keeping the shares in the family, the magazine said, without saying where it got the information.

Porsche SE was not immediately available for comment.

$1 = 0.9301 euros Reporting by Maria Sheahan; Additional reporting by Andreas Cremer

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