Tokyo: Suzuki Motor Corp said it would buy back the 19.9% stake held by top shareholder Volkswagen AG on Thursday, after an international arbitration court last month ordered the German automaker to sell its holding.
The Japanese automaker said it would repurchase as many as 122.77 million shares at Wednesday’s closing price of ¥3,842.50, for up to ¥471.74 billion ($3.9 billion), via the Tokyo Stock Exchange’s off-hours trading system before the market open.
The two companies agreed to tie up in December 2009, pledging to cooperate on technology and on expanding in emerging economies, but the alliance soon faltered. Suzuki filed for arbitration in November 2011. Reuters
Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.