Volkswagen workers are seeking to acquire a stake in Volkswagen as had been promised to them during the takeover conflict with Porsche, VW's works council head Bernd Osterloh told Dow Jones last Wednesday. Osterloh said that he is confident that the employees will get a stake of 2% to 3% in Europe's largest carmaker by the end of this year.
When this takes place, these employees will be one of VW’s biggest shareholder groups right after Porsche Automobil Holding SE with 50.7%, the German state of Lower Saxony that has 20% and Qatar that holds 17%.
Works councils represent the labor sector’s interests in big German firms. Half of the 20 seats on VW’s supervisory board are made up of members of VW's works council. Osterloh even serves as the vice-chairman of the board.
Nearly two years ago, Volkswagen triumphed over Porsche and it stated that its employees worldwide will receive a considerable stake in a new entity that will be made by putting Porsche under the Volkswagen business.
However, legal and tax issues had delayed the merger. Porsche SE asserted that the chance of it being folded into VW when the year ends is about even, which is when its merger deal under VW’s leadership remains valid. These two companies have said that if it’s delayed further, they will stay committed to the deal next year.