MUNICH, Germany Volkswagen (VOWG_p.DE) chairman Ferdinand Piech's wife looks set to join the supervisory board of luxury division Audi in another move by the controlling Piech-Porsche family to solidify its sway over Europe's biggest car maker.
Almost one year after taking a seat on the 20-member board of Wolfsburg-based VW, Ursula Piech will be up for election to Audi's supervisory panel at the annual shareholders' meeting on May 16, a spokesman for Audi said on Monday, confirming a report in regional newspaper Heilbronner Stimme.
The appointment of Piech's 56-year-old wife, a trained kindergarten teacher, to the board of VW's biggest profit contributor will be nothing but a formality.
The Piech and Porsche families control over 90 percent of the Porsche SE holding company which in turn owns a majority of VW common stock.
Piech, who has chaired VW's board for a decade after serving as the company's CEO for nine years, picked his wife in 2010 as deputy head of two Austria-based foundations that control his stakes in Porsche and VW.
Provided she does not remarry, Ursula Piech will take over her husband's interest when he dies. Ferdinand Piech will turn 76 on April 17.
(Reporting by Irene Preisinger Writing by Andreas Cremer; Editing by David Cowell)
BAE Systems to begin building new British nuclear submarines
LONDON, Oct 1 Britain's ministry of defence said on Saturday that construction work will begin on the country's new nuclear submarines, announcing nearly 1.3 billion pounds ($1.7 billion) of new investment with defence firm BAE Systems .
Zara owner Ortega buys $550 million Madrid skyscraper
MADRID, Oct 1 Amancio Ortega, Europe's richest man and founder of global fashion group and Zara owner Inditex , has bought one of Madrid's most famous skyscrapers for 490 million euros ($551 million) through his property investment arm, a source said.