Mexican Media Brands
VW Union: No More Acquisitions
Bernd Osterloh, union chief at Volkswagen AG, tells Handelsblatt "there is no support" from labor for further acquisitions by management especially not an equity deal with Malaysia's Proton Holdings Bhd,
Osterloh tells the German newspaper that expanding the company's sales and production in southeast Asia is important.
#labor
Share
Bernd Osterloh, union chief at Volkswagen AG, tells Handelsblatt "there is no support" from labor for further acquisitions by management especially not an equity deal with Malaysia's Proton Holdings Bhd,
Osterloh tells the German newspaper that expanding the company's sales and production in southeast Asia is important. But he adds that VW should not buy even a minority stake in Proton. Labor representatives hold half the seats on the company's supervisory board.
VW has been pursuing a tie-up with Proton for most of the last decade. Speculation about a deal revived in January when conglomerate DRB-Hicom Bhd bought control of the company from the Malaysian government.
Manager Magazin reported last month that the German carmaker is interested in acquiring an equity holding in Proton and might eventually consider buying the whole company.
Osterloh says that having amassed 12 brands, VW needs to "stabilize" the group. The company added the Ducati motorcycle and Porsche sports car brands to its portfolio in recent months.
RELATED CONTENT
-
GM Offers Buyouts to 18,000 Salaried Workers
General Motors Co. is launching a new round of buyouts for about 18,000 of its 50,000 white-collar employees in North America.
-
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.
-
GM, PSA Execs Rush to Build Support for Opel Sale
Top executives from General Motors Co. and PSA Group are scrambling to build support among alarmed European government and labor leaders for a plan to integrate GM’s Opel unit with PSA.