Volkswagen to Squeeze Out Audi's Minority Shareholders
March 02 2020 - 2:13AM
Dow Jones News
By Jessica Sier
Volkswagen Group SA plans to buy out minority shareholders in
Audi and make the brand the leader of its research-and-development
efforts, the company said on Friday.
The world's largest car manufacturer said it already holds
99.64% of the registered share capital of the premium Audi brand,
and plans to increase its holding to 100% following Audi's annual
general meeting.
"In the context of reorganizing competencies and
responsibilities, Volkswagen AG plans to carry out a squeeze-out
according to German stock corporation law in order to acquire the
0.36 percent of Audi's shares," Volkswagen and Audi said in a news
release on Friday.
Audi's new chief executive Markus Duesmann will take up the post
on April 1. Under his guidance, Audi will become the focus for
Volkswagen's research-and-development strategy, Volkswagen
said.
Audi will continue to be an independent stock corporation
following the squeeze-out, the company said. Audi's AGM, which was
originally planned for May 14, will now be postponed until July or
August this year.
Write to Jessica Sier at jessica.sier@wsj.com
(END) Dow Jones Newswires
March 02, 2020 01:58 ET (06:58 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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