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The former chairman of Volkswagen, Ferdinand Piëch, is in talks to sell his shares in Porsche Automobil Holding SE, the holding company that owns the majority of the carmaker’s shares.

VW owns the Porsche brand after a deal in 2012 saw Porsche SE sell the marque to the company. Porsche SE, however, controls 52 per cent of VW Group’s shares.

The Porsche and Piëch families, which between them control Porsche SE, have first refusal on Mr Piëch’s shareholding, which is 14.7 percent stake of Porsche SE and analysts say is worth around €1bn.

Porsche SE said on Friday that the two families are in “negotiations” over whether Dr Piëch “shall transfer the major part of their indirectly held ordinary shares in Porsche Automobil Holding SE to further members of the Porsche and Piëch families”.

It added: “At present, it is still unforeseeable whether the aforesaid changes in the shareholder structure of Porsche Automobil Holding SE will in fact occur”.

Mr Piëch quit as chairman of VW Group in April 2015, five months before the diesel scandal came to light in September.

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