Suzuki Motor to buy back VW stake as tribunal settles long feud
TOKYO – Japan’s Suzuki Motor Corp (7269.T) said on Sunday it will buy back the 19.9 percent stake it sold to Volkswagen AG (VOWG_p.DE) after an international arbitration court settled a dispute between the automakers over their failed partnership.
Suzuki filed for international arbitration in November 2011, after Volkswagen refused to sell back the shares in Suzuki it acquired in January 2010 for 1.7 billion euros (1.2 billion pounds).
The Japanese carmaker said the arbitration panel partially upheld the German company’s counterclaims of breach of contract and that any damages would be settled later.
Suzuki said it foresees no impact from the settlement on its full-year earnings. -Reuters