Saudi Arabia, in its drive to enrich Arab culture, launches Arab Week at UNESCO in Paris    Civil Defense warns of thunderstorms hitting most Saudi regions until Saturday    Jeddah Mayoralty reclaims 18 government land sites on the North Obhur waterfront    Neymar exits Al Hilal match with muscle injury, leaving fans disappointed    Quality of Life Program CEO highlights Saudi urban transformations at UN-Habitat conference in Cairo    AlHisn Big Time Studios unveiled to transform film and TV production in Riyadh    Saudi Aramco's Q3 net income falls 15.5% to SR103 billion amid a jump in annual cash flows    Saudi Arabia approves cooperation agreement with US for the use of outer space for peaceful purposes    Almarai wins 'Best Corporate Sukuk' at Asset Triple A Islamic Finance Awards    Top climber falls to death after rare Himalayan feat    US voters flying home in time for election    Elon Musk can keep giving $1m to voters, judge rules    Drones and snipers on standby to protect Arizona vote-counters    India's Modi condemns violence after Canada temple incident    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Quincy Jones, titan of US music, dies aged 91    Al Qadsiah secure 2-0 victory over Al Ettifaq in first Eastern Derby since 2021    Hidden sugars in Asia's baby food spark concerns    HONOR unveils pre-order of the stunning HONOR MagicBook Art 14 Featuring an ultra-slim design, HONOR Eye Comfort Display and AI Cross-OS WorkStation    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



VW faces protracted power struggle
Published in Saudi Press Agency on 24 - 04 - 2008


Europe's biggest carmaker Volkswagen AG presented
a picture of a solid financial performance at its annual general
meeting Thursday as a power struggle took shape behind the scenes for
the control of the German-based group, according to dpa.
VW Chef Martin Winterkorn told shareholders attending the AGM in
Hamburg that never had the company sold so many cars and earned so
much money with the group reporting before the meeting a 26-per-cent
jump in first-quarter after-tax profit to 929 million euros (1.48
billion dollars).
As a result, laying a challenge to the carmaker's rival, the
Japanese auto group Toyota.
However, Winterkorn is locked in an increasingly bitter struggle
with Christian Wulff, the Premier of the German state of Lower Saxony
over the so-called Volkswagen Law which protects VW from takeovers.
While luxury sports carmaker Porsche, which has a 31-per-cent
holding in Volkswagen wants to scrap the law, Lower Saxony, which
holds a 20.3 per cent stake, is campaigning to retain the rule.
Already Volswagen's biggest shareholder, Porsche wants majority
control of Wolfsburg-based VW.
As a part of an effort to retain a blocking minority, Wulff has
argued that an 80 per cent threshold should be maintained for major
VW decisions. In general, the threshold stands at 75 per cent for
German companies.
In the meantime, hundreds of workers held a noisy demonstration
outside the AGM to protest Porsche's plans for a new labour relations
structure at VW.
With tensions on the rise over Porsche's industrial relations
plan, top VW labour leader Bernd Osterloh lashed out at Wiedeking
accusing him of suffering from "dangerous fantasies of being all
powerful."
VW shares edged down 1 per cent to 185.50 euros as the company's
shareholders were meeting in Hamburg.
However, analysts are not expecting an early end to either the
conflict over the labour relations question or the battle with Lower
Saxony and believe both issues will result in protracted legal
fights.


Clic here to read the story from its source.