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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.
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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.
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