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Germany’s Free Democrats Party Urges Lower Saxony to Dump VW Stake
Germany’s liberal Free Democrats Party is pushing Lower Saxony to sell its 20% stake in Volkswagen AG to avoid conflict of interest between the region’s economy and VW management.
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Germany’s liberal Free Democrats Party is pushing Lower Saxony to sell its 20% stake in Volkswagen AG to avoid conflict of interest between the region’s economy and VW management.
Lower Saxony holds 59 million shares in VW worth roughly €7.6 billion ($8.9 billion), according to Reuters. The FDP contends that the state should “complexly privatize” VW, a company is has exercised veto power over for decades.
The region will hold an election on Oct. 15, in which Chancellor Angela Merkel’s conservative coalition is expected to win. If so, she is expected to form a coalition government that includes the FDP. Reuters notes that Lower Saxony isn’t likely to sell its stake in VW, which provides more than 100,000 local jobs.
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