Wednesday, April 7, 2010 as of 11:14 AM ET
The International Union, United Automobile, Aerospace and Agricultural Implement Workers of America, better known as the United Auto Workers (UAW), is a labor union which represents workers in the United States and Puerto Rico, and formerly in Canada.
Read More at Wikipedia ›WOLFSBURG, Germany -(Dow Jones)- Volkswagen AG's (VOW.
XE) top labor representative and deputy supervisory board chairman said Thursday he expects an agreement on staff taking a stake in the company to be reached soon."Talks are progressing well...we're close to an agreement," Bernd Osterloh told reporters. He declined to elaborate as a final decision hasn't been reached.Osterloh told Dow Jones Newswires in June 2011 that Volkswagen's labor unions want to take a voting stake of up to 3% in the company to safeguard workers' rights.A 3% voting stake would make Volkswagen employees the company's fourth-largest shareholder after Porsche Automobil Holding SE (PAH3.XE) with a 50.7% stake, the German state of Lower Saxony with just above 20% and Qatar Holding LLC with 17%.The deal would be based on a plan drafted in August 2009 after Volkswagen's labor unions in a joint effort with the company's management successfully averted a takeover launched by Porsche's former chief executive, Wendelin W...
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