The Porsche and Piech families, owners of automaker Porsche and controller of Volkswagen, said on Tuesday that they will create a management unit to oversee all 10 of their auto brands.

Porsche Automobil Holding SE, the owner of Porsche, and Volkswagen will meet with the automakers’ labor groups and the German state of Lower Saxony--which holds veto power over any major change at VW--to set up the management unit. A statement from Porsche Holding said the goal is to create the management unit in four weeks.

It is not known who would be in charge of the new management unit. Ferdinand Piech is chairman at Volkswagen, while Wolfgang Porsche is chairman at Porsche Holding.

Late Wednesday, Porsche appeared to have abandoned takeover attempts of the much-larger VW.

Volkswagen owns nine brands--Volkswagen, Audi, Seat, Skoda, Bentley, Bugatti, Lamborghini, Commercial Vehicles and Scania AB.

In its statement, Porsche Holding said the move to create a new management structure would include “capital measures,” but gave no details.

Analysts have said that Porsche needs to find more capital as it has been having trouble refinancing about $12 billion in debt, much of it from borrowing to buy up Volkswagen shares. Porsche Holding says it now holds about 51 percent of VW’s voting shares.

Porsche Holding has said in the past that it wanted to raise its stake in VW to 75 percent, but the global economic crisis has slowed its push to reach that goal.

Analysts say that Porsche would need $17.34 billion, at current exchange rates, to grow its VW holdings to 75 percent.