Merckx is sell his majority shares to Sobradis, a Belgian holding company.
Belgian sportspaper Sportwereld.be has reported that Eddy Merckx will sell the shares of his bicycle company and retire, a story picked up by Cyclingnews.com.Merckx started his brand in 1980.
The Cannibal said: "If you've built something yourself, it's always painful to say goodbye to it. But I had no other choice because I do not have a successor who can take over the plant.
"I've been working since I was 17 - first as a cyclist, then in 1980 in the bicycle factory. The daily management gradually began to weigh on me."
Merckx will a minority share and stay on as a consultant to Sobradis CEO, Pieter Vansynghel.
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