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The exchange will allow the Piech and Porsche families to retain control of VW via their holding company.

Former Volkswagen Group chairman Ferdinand Piech has agreed to sell most of his holding company shares to family members.Piech reportedly faced pressure from relatives to divest his 15 percent stake in Porsche Automobil Holding SE, which owns a majority of Volkswagen Group's voting shares.

"The assignment emphasizes the dedicated confidence of the Porsche and Piech families as shareholders in Porsche SE and the Volkswagen Group," Porsche SE said in a statement.

Piech resigned from VW's board early in 2015 after attempting to pressure then-CEO Martin Winterkorn to resign. The plan backfired amid resistance from other board members. Winterkorn was soon ousted in the diesel emissions scandal which, in turn, sparked a family feud that led to Piech's share sale.

The news will not be welcomed by some analysts and investors who believe the company could benefit from more outsiders in its top management ranks.