The suspense continues to grow as Volkswagen AG has yet to confirm whether it will reach an agreement with Karmann, the coachbuilder and convertible roof-top specialist. According to insiders, Karmann will shut down in early November if it receives no fresh funds.

Karmann, which is known for building the VW Beetle-based coupe dubbed the Karmann Ghia, is owned by three families — Battenfeld, Boll and Karmann. While talks have been ongoing, the parties have yet to agree on a price, according to Reuters. Allegedly, the owners of Karmann want to fetch a price of about 65 million euros ($97.5 million) from a buyer. Karmann said that the amount includes outstanding payments for a painting plant it bought for about 100 million euros a few years ago and has not yet paid off.

[via reuters]

Tags: car news, karmann volkswagen, karmann vw, vw karmann take over

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