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Volkswagen: Will keep Suzuki stake

Volkswagen: Will keep Suzuki stake
AP
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First Published: Mon, Oct 17 2011. 05 22 PM IST
Updated: Mon, Oct 17 2011. 05 22 PM IST
Frankfurt: German automaker Volkswagen says it is not getting rid of its 19.9% stake in Japan’s Suzuki Motor Corp. despite Suzuki’s request to return the shares.
The company said in a news release Monday that it “will retain its stake in Suzuki Motor Corp. unchanged.”
Suzuki said Friday that Volkswagen AG has committed numerous breaches of their 2009 alliance to develop green cars and wants the German automaker to return its Suzuki shares.
Volkswagen owns the stake under a hybrid and electric car partnership inked two years ago that has unraveled into a public feud.
Suzuki holds about 1.5% of Volkswagen.
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First Published: Mon, Oct 17 2011. 05 22 PM IST