June 15, 2015 / 6:57 AM / 3 years ago

Volkswagen to be revamped into four holding companies -Handelsblatt

FRANKFURT, June 15 (Reuters) - Volkswagen’s corporate structure will be overhauled into a decentralised system with four holding companies, Handelsblatt said on Monday, citing company sources.

Former BMW manager Herbert Diess will be in charge of one of these holding companies, which will include the VW, Skoda and Seat passenger car brands. The high costs of the German factories in VW’s core business is an area with the biggest need for reform, Handeslblatt said.

The upmarket Audi, Lamborghini and Ducati brands will form another holding company and the commercial vehicles brands MAN, Scania and VW Commercial vehicles will form yet another, Handelsblatt said.

Porsche, Bugatti and Bentley will make up the fourth holding company, Handelsblatt said.

No-one at VW could immediately be reached for comment. (Reporting by Edward Taylor; Editing by David Holmes)

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