Proposal to sell stakes in VW
NZPA-Reuter Bonn The West German Finance Minister Gerhard Stoltenberg has proposed a SUS2.S billion ($NZ4.75 billion) sale of Government stakes In the Volkswagen car firm and the Veba energy and chemicals group. He desclosed the privatisation plan at a news conference in Bonn to outline the Government’s 1987 budget.
The West German Government has a 20 per cent stake in Volkswagen, that share analysts estimate is worth 2.6 billion marks ($NZ2.36 billion), and a 25 per cent holding in Veba worth about 2.8 billion marks ($NZ2.55 billion). Mr Stoltenberg said the Veba stake could be sold in 1987, although the timing was still open. Bonn’s Volkswagen shares could also be sold off in 1987, or in two steps in 1987 and 1988, he said. At current market value, the sell-off would be worth about SUS2.S billion ($NZ4.75 billion). VW, West Germany’s biggest carmaker, more than doubled its net profit in 1985 to a record 595 million marks ($NZ526.6 million). Veba also had a record 1985 group profit of 789 million marks ($NZ698.2 million).
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Press, 1 July 1986, Page 25
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179Proposal to sell stakes in VW Press, 1 July 1986, Page 25
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