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UPDATE: Suzuki Pays $3.8 Billion Buy Back Volkswagen’s Stake
Suzuki Motor Co. has spent 460 billion yen ($3.8 billion) to buy back 120 million of its shares currently held by Volkswagen AG.
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Suzuki Motor Co. has spent 460 billion yen ($3.8 billion) to buy back 120 million of its shares currently held by Volkswagen AG.
The buyback is part of a settlement to end an unsuccessful equity alliance between the two companies, in which VW bought 19.9% of Suzuki, and Suzuki acquired 1.5% of VW.
Suzuki declared its desire to end the relationship in 2011 and sold its VW stake after the companies failed to complete any projects. But VW refused to surrender its investment in Suzuki, triggering a four-year legal battle to unwind the alliance.
Last month the Court of Arbitration of the International Chamber of Commerce ordered VW to sell its Suzuki holding.
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