Volkswagen has been in talks with labour representatives since September over measures it says are necessary for it to compete with cheaper Chinese rivals, lacklustre demand in Europe and slower-than-expected adoption of electric vehicles.IG Metall said it would inform the public about the status of negotiations at a press conference scheduled for 1830 CET.Around 100,000 workers have already staged two separate strikes in the past month, the largest in Volkswagen's 87-year history, protesting against plans to cut wages, reduce capacity and potentially shut German plants for the first time.One source told Reuters that the two sides had drawn up a draft proposal but that could still fall through if either the company's board or a worker commission shoots it down.The Handelsblatt newspaper reported that the provisional deal would meet the company's target of saving billions of euros, saying a buyer would be sought for the Osnabrueck plant and the Dresden site would be repurposed or closed.Volkswagen was not immediately available for comment.Shares in Volkswagen were up 2.3% at 1331 GMT. The fifth round of negotiations has been underway since Monday and continued deep into the night at a hotel in Hanover this week, with negotiators only taking short breaks to sleep and fuelling up on coffee, curried sausage and fruit.

Volkswagen nears deal with labour leaders

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