January 24, 2020 / 12:21 PM / a month ago

Sale of Renk, MAN Energy Solutions depends on buyer: Volkswagen labor chief

FILE PHOTO: Head of Volkswagen works council Bernd Osterloh addresses the media after a supervisory board meeting at the Volkswagen plant in Wolfsburg, Germany November 15, 2019. REUTERS/Fabian Bimmer

WOLFSBURG, Germany (Reuters) - Workers’ approval of a possible divestment of Volkswagen’s (VOWG_p.DE) transmissions making unit Renk (ZARG.F) and MAN Energy Solutions depends on who the new owner will be, the carmaker’s labor chief said on Friday.

“If there is a decent buyer, if there is a fit, the labor representatives in the supervisory board will not oppose a sale,” Bernd Osterloh, head of Volkswagen’s works council, said, not elaborating further.

Sources told Reuters last month that MAN Energy Solutions, which makes diesel engines for ships and power generators, had attracted bids from Europe’s Innio, Japan’s Mitsubishi Heavy (7011.T) and U.S.-based Cummins (CMI.N).

Rheinmetall (RHMG.DE), Carlyle (CG.O) and EQT (EQTAB.ST) are seen as potential buyers of Renk.

Reporting by Jan Schwartz; Writing by Christoph Steitz; Editing by Riham Alkousaa

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