VW Group To Fully Own Audi After $267 Million Buyout
Since 1964, Volkswagen already has a part of Audi. After acquiring the German brand of the time Daimler-Benz, the VW group started with a 50% stake in the company. It’s a major share of control, which has already climbed to 99.64% of the property this year.
However, Volkswagen will buy the remaining 0.36% of Audi’s minority shares, according to a report by Automotive news. This gives the VW group full control of the luxury automaker, but it will of course come at a price.
“Volkswagen AG has announced and clarified that it has set the cash settlement to be paid to minority shareholders in return for the transfer of their shares at 1,551.53 euros per Audi AG share,” VW said in a statement with Automotive news.
According to the report, a staggering 48% bonus will be paid by the VW group to minority shareholders. The current price of the Audi AG is 1,050 euros, or approximately $ 1,180 at current exchange rates. The VW group will buy it at 1,551.53 euros (~ $ 1,745).
With 152,749 Audi AG shares outstanding, the total takeover will cost the German automaker 237 million euros ($ 267 million), which will translate into VW’s total control over Audi. The official transfer is expected to take place in July or August at Audi’s annual general meeting.
There have been many movements within the VW group. One of the most recent reports concerned Porsche CEO Oliver Blume, who is said to have moved to head the Volkswagen brand, causing Herbert Diess to resign as head of VW, but would remain chairman of the VW group.
The VW group has not confirmed this corporate move at the time of writing.