July 16 (Bloomberg) -- Porsche SE Chief Executive Officer Wendelin Wiedeking is preparing for his departure as the automaker's family owners are set to agree on a compromise that will let Volkswagen AG take a 49 percent stake in Porsche, the Financial Times Deutschland newspaper reported today.

Wiedeking has hired lawyer Jobst-Hubertus Bauer from Stuttgart law firm Gleiss Lutz as his personal advisor, the FTD said on its Web site today. Porsche and Wiedeking haven't started talking about a resignation yet, the report added.

Porsche's owners, the Porsche and Piech families, are planning to open the company for an outside investor, the FTD said. Qatar will likely become the third main force of an integrated carmaker by taking over shares equal to 20 percent of Volkswagen, plus possibly an additional stake in the company, according to the FTD.

Volkswagen is interested in taking over Porsche Holding Salzburg as part of an agreement to expand its business in eastern Europe, the report said.

Last Updated: July 16, 2009 00:25 EDT