VW works council head: Porsche’s takeover of VW is becoming hostile

Bernd Osterloh, head of Volkswagen’s works council, says that Porsche’s acquisition of Volkswagen shares is increasingly becoming a ‘hostile takeover.’ Speaking to Volkswagen employees, Osterloh said that what start as the two companies growing together is slowly becoming a hostile takeover by Porsche.

Using the name of the new holding company as an example, Osterloh said that Porsche Automobilholding will control both Porsche and Volkswagen.

“I mean it has to be really called ‘Volkswagen and Porsche Automobilholding’,” he noted.

As previously reported, workers at Volkswagen have been expressing fear that their say in the company”s direction will be drastically reduced and are speaking out. Following that the German government proposed a new draft legislation that would give Lower Saxony and labor leaders veto power over major decisions made by Porsche.

Porsche still holds a 31 percent stake in Volkswagen and said that it wants increase its shareholding to a more significant level. Porsche currently holds nearly 31 percent stake in VW and has said it wants to increase this shareholding to a significant level.

 

Source: Automotive News (Subscription Required)

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