By Ilka Kopplin

FRANKFURT--Carmaker Volkswagen AG has good prospects despite its current challenges, its major shareholder Porsche SE said Wednesday, calling the agreement to settle emissions-cheating claims in the U.S. an important step towards resolving the scandal.

"We are firmly convinced that Volkswagen has long-term potential for gaining in value," Hans Dieter Poetsch, chief executive of Porsche SE, said at the holding company's annual shareholder meeting.

Porsche SE owns around 52% of Volkswagen's voting stock. Mr. Poetsch is also the chairman of Volkswagen's supervisory board.

Volkswagen on Tuesday agreed to pay up to $14.7 billion to settle legal claims with regulators and owners of nearly 500,000 diesel-powered vehicles in the U.S. The settlement partially resolves a crisis that has gripped the car maker since September, when Volkswagen admitted to using software that allowed vehicles to pollute more on the road than during emissions tests.

"With yesterday's submission of the settlement proposals in the U.S. by the various stakeholders, Volkswagen has taken a further important step towards overcoming the diesel issue," Mr. Poetsch said.

Porsche remains "fully committed to its role as the Volkswagen Group's anchor shareholder," Mr. Poetsch said.

Porsche also said that it wasn't pursuing any claims for compensation against Volkswagen related to the emissions scandal.

Write to Ilka Kopplin at ilka.kopplin@wsj.com

(END) Dow Jones Newswires

June 29, 2016 09:55 ET (13:55 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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