finance.yahoo.com

Lower Saxony Premier urges VW restructuring deal ahead of Sept 4 board

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Sig4.62Sen-4.19Env0.00Soc-6.44Gov-2.69

Lower Saxony Premier Olaf Lies said heavy pressure is building to secure agreement on Volkswagen’s restructuring plan before the supervisory board meets September 4. The turnaround could include tens of thousands of additional job losses, with CEO Oliver Blume seeking up to 50,000 cuts, possible factory closures and division spin-offs. Unions oppose and Lower Saxony fears job losses due to its blocking minority stake.

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