GDL expresses intentions to withhold sanction for Schenker's railway sale approval.
The German railworkers' union, GDL, might not endorse the sale of rail firm's logistics division, Schenker, but it's unlikely to derail the deal. On the weekend, the larger rail and transport union (EVG) declared its intention to vote against the sale at the extraordinary board meeting on Wednesday. They're primarily worried about potential job losses.
Even if the entire employee side votes against the sale on Wednesday, they won't outnumber the double voting rights of the chairman. The unions can't halt the sale process as long as the owner side remains united.
Deutsche Bahn aims to sell Schenker to Danish rival DSV for 14.3 billion euros, divesting from one of the few profitable segments within the company. The sale earnings will strictly be used to slash the debt, which hit around 33 billion euros during the first half of the year. Besides the board, the federal government needs to provide approval.
GDL generally supports the company sale, as it falls outside the core railway business. However, they stress that the highest purchase price shouldn't be the main determining factor. "Instead, there should be a valid takeover plan for DB Schenker AG employees," they asserted.
"As per recent reports, the bidding process isn't being presented openly and evenly to the board," they claimed. The process makes it challenging for the board to make the correct decision. "Until the required transparency for a decision becomes available, GDL won't have a favorable outlook," they concluded.
The Commission has taken note of the concerns raised by the German unions about the sale, as they have also examined the information provided by the Member States regarding this matter. Despite GDL's concerns, the actual vote count at the extraordinary board meeting may not be influenced by their opposition, considering the weighted voting rights of other stakeholders.
