VW Refuses to Let Go of Suzuki Shares
The soap opera between Suzuki and Volkswagen has been ongoing for almost a year and now the Japanese automaker is looking to back out. Suzuki wants to buy back all the 19.9% of its shares that VW currently owns and that if the German automaker does not comply, Suzuki will seek mediation.
According to a statement by Suzuki Motor Corporations Chairman Osamu Suzuki, they have terminated the partnership as of today.
This whole rift starter when VW accused Suzuki for violating their agreement when Suzuki made a deal with Fiat S.p.A. over engines.
VW then went on to anger Suzuki by listing it as an “associate” and not a partner in its annual report, and lists Suzuki under “other holdings.”
Suzuki felt this was an insult to its honor and has thus been wanting to end their partnership ever since.
VW has not commented if it will indeed sell its shares back to Suzuki, so this story is far from over yet and from a legal stand-point can get much uglier still.
[Source: Automotive News]
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Good. Don't just curtail to the stupid old Japanese business system .... They be run and operate like Olympus anyhow