VW Workers Wants Five Percent Company Shares

Summary: Some 370,000 Volkswagen employees on Saturday aim for five percent of the automobile company's shares, which includes the high-end sports line of Porsche.

But some experts expressed doubt of the acquisition, saying that the workers would have to find the right finances to acquire the shares.

Workers of German-based automaker Volkswagen over the weekend expressed intention to acquire some five percent of the company shares.

Some 370,000 Volkswagen employees on Saturday aim for five percent of the automobile company’s shares, which includes the high-end sports line of Porsche.

But some experts expressed doubt of the acquisition, saying that the workers would have to find the right finances to acquire the shares.

In a report by a German newspaper, the workers are temporarily aiming for the five percent shares of the automaker, saying that they will take it slowly.

“We are not certain on how much we can acquire. But we expect it to be long and thorough process. I would be able to acquire 10 percent in just one sitting,” a worker leader said.

But looming questions on how and where the employees will get their finances makes the deal worth watching for. Some of the expert economists are now looking into the acquisition by the employees.

It will be recalled that Volkswagen announced to buyout some 42 percent stakes in Porsche, which is already debt-ridden following long months of recession.

Volkswagen, which is the largest automaker in Europe, agreed to pay up to 3.2 billion Euros for the initial stake of Porsche.