VW labor chief says no to more acquisitions: paper
FRANKFURT (Reuters) - Volkswagen (VOWG_p.DE) labor representatives would not back any further acquisitions by the carmaker, especially of Malaysian firm Proton PROT.KL, the works council chief told a German newspaper.
Europe's largest carmaker is considering either a minority holding in Proton, the owner of UK sports-car manufacturer Lotus, or a controlling stake to tap demand in growing southeast Asian markets, sources told Reuters in July.
VW, which surpassed Toyota (7203.T) last year to become the world's second-biggest car maker, has been scooping up brands including Scania (SCVb.ST), MAN (MANG.DE), Porsche (PSHG_p.DE) and Ducati in recent years as part of an effort to overtake General Motors (GM.N) at the top of the industry by 2018.
"We already have 12 brands and we first have to stabilize the group," Bernd Osterloh told Handelsblatt in an interview to be published in the paper's Monday edition.
"Even though further sales and production sites in south-east Asia are important, there is no support from the labor side for a purchase of Proton."
(Reporting by Victoria Bryan; Editing by Susan Fenton)
- U.S. small businesses borrowed more money in January than they did a year earlier, signaling continued growth in the economy despite a spate of cold weather that has been blamed for weakness in many other indicators of activity.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.