Suzuki Seeks Arbitration to Get Back Shares From Volkswagen
The honeymoon period didn’t last long for Suzuki and Volkswagen and now the Japanese automaker has filed for divorce. In an official statement Suzuki Motor Corp. has announced it will seek arbitration in an attempt to get back the shares the German auto giant currently holds in the Japanese small car manufacturer.
“The arbitration proceedings follow Suzuki’s termination of its alliance with Volkswagen AG on 18 November 2011, and Volkswagen AG‘s lack of response to Suzuki’s requests for the disposition of its shares,” said Suzuki in a release.
The two automakers signed a partnership agreement in 2009, with Suzuki taking a 1.49 percent stake in Volkswagen, and VW taking a 19.9 percent stake in Suzuki. No joint projects ever came of the venture and Volkswagen accuses Suzuki of breaking the spirit of the agreement by purchasing diesel engines from VW rival Fiat.
Suzuki is seeking to have VW sell back the shares it holds, or to sell them to a third party.
[Source: AutoNews]
With AutoGuide from its launch, Colum previously acted as Editor-in-Chief of Modified Luxury & Exotics magazine where he became a certifiable car snob driving supercars like the Koenigsegg CCX and racing down the autobahn in anything over 500 hp. He has won numerous automotive journalism awards including the Best Video Journalism Award in 2014 and 2015 from the Automotive Journalists Association of Canada (AJAC). Colum founded Geared Content Studios, VerticalScope's in-house branded content division and works to find ways to integrate brands organically into content.
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