Former head of Volkswagen Group Ferdinand Piech is to sell his stake in Porsche SE, the Volkswagen holding company, to fellow members of the Porsche and Piech families.

Piech, about 80, controls 14.7 percent stake in Porsche SE, which in turn controls 52.2 percent of Volkswagen Group.

The stake is valued at 1.1 billion euros (1.17 billion U.S. dollars).

If financial supervisory agencies and anti-trust authorities approve the deal, the two families will remain in control.

Piech will remain "slightly" involved via the Ferdinand Karl Beta private foundation.

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