Volkswagen is unlikely to make further strategic deals
By Andrew C., 30 Aug, 2010. 0 Comments
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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]
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