Suzuki To Sell Its 1.5 Percent Stake In Volkswagen AGAuto News
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.