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VW Nears Deal for Workers to Buy Company Shares
Volkswagen AG is close to an agreement with Germany's IG Metall to allow the union to acquire a stake in the closely held company, says Bernd Osterloh, VW's top labor representative and a member of the supervisory board.
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Volkswagen AG is close to an agreement with Germany's IG Metall to allow the union to acquire a stake in the closely held company, says Bernd Osterloh, VW's top labor representative and a member of the supervisory board.
Osterloh said previously that labor wants a voting stake of as much as 3%. That would make the union the company's fourth-largest shareholder after Porsche Automobile Holding (50.7%), the German state of Lower Saxony (20.1%) and Qatar Holding (17%).
In August 2009, the company promised worldwide employees a "substantial" investment opportunity after Porsche's effort to take over VW failed.
Separately, Osterloh says VW workers hope to obtain sweeter contract terms in direct negotiations with the company that those won last week by their national union, IG Metall. That agreement promises employees a 4.3% raise over 13 months.
VW employees hope to obtain a 4.3% wage hike over 12 months, according to Osterloh. He adds that the works council also aims for an agreement that will allow temporary workers move more quickly into permanent positions something IG Metall failed to win in its broader contract.
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