Suzuki Sells Its 1.5% Stake Of VW Group To Porsche
Suzuki Motor has issued a statement that it has sold its entire 1.5% stake in Volkswagen Group to Porsche Automobil Holding SE and will post a special profit of 36.7 billion yen (USD304 million) on the transaction.
The Japanese automaker said on Saturday that it had sold 4,397,000 Volkswagen common shares and that they would be transferred on Sept. 30.
Porsche SE said on its website that its holding in Volkswagen would increase to 52.2% after the transfer.
Suzuki has already bought back a 19.9% share of its own stock that Volkswagen was ordered to sell by an international arbitration court last month, ending a long-running dispute between the two after a cooperative agreement between them turned sour.
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