VW to pay €267M for Audi minority shares buyout

Tuesday, 16. June 2020 18:36

Audi AG announced on Tuesday that its major owner Volkswagen Group will pay a 48% premium to buy out Audi's minority shareholders in order to preserve the division's finances.

"Volkswagen AG announced and specified that it has set the cash settlement to be paid to the minority shareholders in return for the transfer of their shares at 1,551.53 euros per Audi AG share," the luxury carmaker stated. The transfer of the shares is to be finalized in either July or August at Audi's annual general meeting.

Volkswagen previously announced it expected bad second-quarter results amid the coronavirus pandemic. Still, earlier in the day, the company revealed it would boost its investment in the battery tech company QuantumScape Corporation by up to $200 million.

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Breaking the News / JR