Breaking News
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Volkswagen Labor Chief Rejects Acquisitions In Near Future: Report

8/20/2012 1:22 AM ET

Bernd Osterloh, labor chief of Volkswagen AG (VOW.BE,VLKAF.PK,VKW.L), has rejected further acquisitions by the German car maker in the near future, business daily Handelsblatt reported.

The company now has 12 brands and need to stabilize the group first, Osterloh said. The view is particularly significant in the case of Malaysian automaker Proton, in which the carmaker is said to be interested.

Osterloh said that additional sales and production in Southeast Asia are important, but there is no support for the Proton deal from the workers.

Early this month, Volkswagen finalized its agreement with Porsche Automobil Holding SE (PAH3.DE, POAHF.PK, POAHY.PK) to create an integrated automotive group. Porsche contributes 50.1 percent of its business to Volkswagen for a total cash consideration of 4.49 billion euros, plus one Volkswagen ordinary share.

Click here to receive FREE breaking news email alerts for VOLKSWAGEN AG and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
There was a mixed performance on Wall Street on Friday. Shares suffered an early decline, as investors continued to express worries about the Federal Reserve. A recovery through the rest of the day allowed the Dow to edge into positive territory by the close. The Nasdaq and S&P 500 posted fractional losses. Stocks have shown a notable move to the downside in early trading on Friday amid lingering concerns about the outlook for the Federal Reserve's asset purchase program. The major averages have slid firmly into negative territory, adding to the modest losses posted in the previous session. The major averages are currently posting notable losses, near their lows for the young session. After reporting a sharp drop in new orders for manufactured durable goods in the previous month, the Commerce Department released a report on Friday showing that durable goods orders rebounded by more than anticipated in the month of April. The report said durable goods orders surged up by 3.3 percent in April after tumbling by a revised 5.9 percent in March.
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.