WOLFSBURG, Germany (Thomson Financial) - Volkswagen AG's workers council has filed suit against VW major shareholder Porsche at Stuttgart's labour court, a spokesman for the council told German news agency dpa, confirming earlier media reports.
The council wants to block the planned workers participation agreement for the future Porsche Automobil-Holding SE.
Should Porsche raise its stake in VW to more than 50 pct, three VW workers representatives would face three Porsche employer representatives in the supervisory board of the holding under the agreement.
Porsche head Wendelin Wiedeking said last week his company has secured a 'sufficient' amount of financial instruments and derivatives that would allow it to increase its current 31 pct stake in VW to significant levels.
Several German media reports recently said Porsche plans to increase its stake in VW to 51 pct. frederik.richter@thomson.com dpa/fr1/jcs/ms1 COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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