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Suzuki To Sell Its 1.5 Percent Stake In Volkswagen AG

NEWS
Jim Kem September 28, 2015 15:25

The Suzuki Motor Corporation have made arrangments to sell its remaining 1.5 percent stake in Volkswagen AG back to Volkswagen's largest shareholder, Porsche Automobil Holding SE.

This is according to a report by the Wall Street Journal, which indicated that the transaction price was not disclosed.

The sale would mean Suzuki posting a special profit of 304 million US Dollars (or RM1.335 billion) for this financial quarter. It said in a statement that the transfer of shares to Porsche SE will occur on Wednesday.

Suzuki held the 1.5 percent stake in the German automaker before the partnership collapsed. This therefore ends much of the ties established between the two companies which began in 2009 to jointly tackle emerging markets and develop fuel-efficient small cars.

Over the last week since the Volkswagen diesel engine EPA emissions rigging scandal has emerged, Volkswagen stock has lost approximately a third of its value.

About Jim Kem

"So if I push my leg down on this lever-thing, I'll somehow go faster? Woah.". I was 10 years old, and hooked. I spent a lot of my youth sketching cars and perfecting my monthly dream garage within a daydream - occasionally interjected with a chase scene, obviously. Cars move me. Things I can't get enough of: Porsches and torque.

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