Volkswagen is unlikely to make further strategic deals

Article by Christian Andrei, on August 25, 2010

The CEO of Volkswagen AG, Martin Winterkorn, said that the company is satisfied with its current lineup and isn´t likely to merge with or to acquire any more assets.

VW's latest deal had been to take a stake in Suzuki Motor Corp. In an interview with German magazine WirtschaftsWoche, Winterkorn said that the company probably won´t be making strategic deals in the near future.

Winterkorn revealed that there are some firms that knock on VW´s door as they think that the company is on a good path strategically.

Earlier this month, VW took a one-fifth stake in Suzuki. A few days before that, VW had acquired a 49.9% stake in Porsche's sports car business.

Winterkorn said that there are no current plans for VW to raise its stake in Suzuki in the long-term, asserting that it was satisfied with its 19.9% stake. Qatar has taken a 17% voting stake in VW after exercising options, resulting to its ordinary shares being replaced by its preferred counterparts.

Winterkorn confirmed that a contract for the production of the Porsche Boxster model by Magna Steyr had been canceled. Karmann, of which Volkswagen bought some assets in November, is set to produce the model. [via autonews -sub. required]

Topics: vw

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