VW's Top Shareholders Put Confidence in Bernhard, Pischetsrieder

Washington DC January 19, 2006; The AIADA newsletter reported that Volkswagen’s two biggest shareholders, Porsche and the German state of Lower Saxony, have encouraged a quicker restructuring for the automaker by increasing the role of Wolfgang Bernhard, said Reuters.

The top two shareholders also extended the contract of VW CEO Bernd Pischetsrieder, and claim they are “making good progress in resolving a dispute over supervisory board seats,” according to Reuters.

Porsche CEO Wendelin Wiedeking said the two parties had several rounds of talks. "In the end we know that it is in the interests of VW if the two big shareholders don’t battle each other," he said.