Volkswagen ready to sell its Suzuki stake
Volkswagen will sell a Suzuki stake valued at about 463 billion yen (€3.4bn) following a decision from arbitrators that ended a four-year dispute over a failed partnership between the two firms.
VW will sell its 19.9pc holding after the arbitrators upheld the Japanese automaker's request to end the cooperation, the companies said in separate statements yesterday. The value of the stake, which VW bought from Suzuki in 2010 for 222.5bn yen, is based on Friday's closing price.
The end of the dispute provides Suzuki with the opportunity to find a new partner, after its cooperation with VW failed to result in a single joint project.
The Japanese carmaker, which specializes in inexpensive cars, is pursuing a goal to boost annual revenue to 3.7 trillion yen by March 2020. It's small compared to VW and other global competitors. (Bloomberg)