Suzuki Motor announced that it has reached an agreement to sell to Porsche Automobil Holding 1.5% stake in Volkswagen, held within the partnership between the two automotive groups started in 2009, formalized in 2010 but that already in 2011 had taken a turn for the worse, with the Japanese who had accused the Germans to aim to control their capital and had resorted to international arbitration to settle the dispute. The two companies did not disclose financial details of the transaction, but Suzuki pointed out that following the sale enroll in budget 36.7 billion yen (equivalent to over 270 million euro) of extra profits. Ten days ago Suzuki had repurchased 19.9% of its capital in the hands of Volkswagen 429 billion yen (3.2 billion euro), after that in August, the International Court of Arbitration of the International Chamber of Commerce had forced the Germans to sell. Volkswagen, bent by the scandal over the manipulation of data on emissions of its diesel cars, closed with a loss of 4.32% the session on Friday in Frankfurt. Suzuki lost over 2% in Tokyo in one sitting still negative for the Nikkei 225.
(RR)
No comments:
Post a Comment