BERLIN — Volkswagen's planned sale of motorcycle brand Ducati and transmissions maker Renk has currently no majority backing on the carmaker's supervisory board, with opponents to asset sales feeling invigorated by the group's strong results. Europe's largest automaker has tasked banks to evaluate options for Ducati and Renk including divesting the two divisions as it aims to streamline operations to help fund a post-dieselgate strategic overhaul. Volkswagen (VW) has been reviewing its portfolio of assets and brands since announcing in June 2016 a multibillion-euro shift to electric cars and new mobility services as part of its so-called Strategy 2025. But VW's labor leaders, occupying half the seats on the 20-member supervisory board which decides on asset sales, resist a sale of Ducati and Renk without compelling financial reasons. Advertisement Continue reading the main story"The employee representatives on Volkswagen's supervisory board will neither approve a sale of Ducati, nor one of Renk or MAN Diesel & Turbo," a spokesman for VW group's works council told Reuters late on Saturday.

Source: New York Times July 29, 2017 22:41 UTC