Mexican Media Brands
VW Drops Plans to Sell Ducati Unit
Volkswagen AG has abandoned plans to sell its Ducati motorcycle business due to union opposition, Bloomberg News reports.
#labor
Share
Volkswagen AG has abandoned plans to sell its Ducati motorcycle business due to union opposition, Bloomberg News reports.
Bruno Papignani, a regional head of Italy’s FIOM CIGL union, says Ducati’s CEO told workers on Friday about VW’s decision. Ducati had expected to receive binding offers from five bidders by the beginning of October. The Italian motorcycle maker has been valued at about €1.5 billion ($1.8 billion).
Ducati was earmarked for possible sale by an asset review VW Group launched last year. VW’s Audi unit acquired the company for €860 million in 2012. VW had been considering a sale, estimated to be worth about €1.5 billion ($1.8 billion), as part of a review of non-core assets that began last year. Ducati is owned by VW Group’s Audi unit.
Bloomberg notes that critics are likely to assail VW’s inability to sell an asset with almost no connection with the rest of its operations.
RELATED CONTENT
-
UPDATE: UAW, GM Reach Tentative Labor Deal
General Motors Co. and the United Auto Workers union have reached a possible deal on a new four-year labor contract covering some 48,000 of the union’s hourly workers in the U.S.
-
Targets of U.S. Aluminum and Steel Tariffs Declare Counter-Measures
As expected, the European Union, Canada and Mexico have announced a broad array of counter-tariffs in response to U.S. import taxes of 10% on foreign aluminum and 25% on foreign steel that went into effect at midnight.
-
Young Auto Engineers Say Their Employers Don’t Measure Up
Only one-third of U.S. automotive engineers below the age of 36 agree that their work experience matches the way their employers’ portray themselves publicly, according to new research.