Porsche CEO rejects calls to amend worker representation on supervisory board

Porsche CEO rejects calls to amend worker representation on supervisory board

	Published : Sun, 14 Oct 2007 20:53 By : Agencies Print this Story

FRANKFURT (Thomson Financial) - Porsche AG's chief executive Wendelin Wiedeking rejected union calls to amend plans for the makeup of the future Porsche Automobil Holding SE's supervisory board following the possible takeover of Volkswagen AG, Focus magazine reported.

Should Porsche raise its stake in VW to more than 50 pct, VW's 325,000 workers will be represented by three people on the supervisory board, the same number representing Porsche's 12,000 workers.

Last month, VW's workers' council filed suit against major shareholder Porsche at Stuttgart's labour court, aiming to block the planned workers participation agreement for the Porsche Holding.

'We made sure there is equal co-determination within the Porsche Automobil Holding, and that VW's worker representatives sit next to their peers from Porsche in the case of (Porsche taking) a majority stake in VW,' Focus magazine cited Wiedeking as saying in an excerpt of an article to be published tomorrow.

He also said VW's workers have more representatives in the works council than Porsche's employees.

'That is a very fair situation,' he said.

He also emphasised that it is still 'completely open' whether and when Porsche will hike its stake in VW to more than 50 pct.

'Of course we have the opportunity,' he told the magazine.

'But first there needs to be a decision on the VW law, then we'll see.'

The federal state of Lower Saxony's 'VW law', inter alia, bans any single shareholder from holding more than 20 pct of voting rights in the company, effectively protecting it against takeover.

The European Court of Justice is expected to rule whether the law is legal on Oct 23.

maria.sheahan@thomson.com

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