Volkswagen claims it will not give up its stake in Suzuki
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According to Reuters news, Volkswagen has issued a statement a few days ago, saying that although Suzuki issued an ultimatum last week, he still will not give up the Suzuki shares currently held.
From Suzuki's view that the public infringed on its independence, and even after the public accused Suzuki of deviating from the agreement to purchase Fiat technology, the two sides continued to quarrel, and the two-year alliance was on the verge of collapse. Suzuki issued a breach of agreement notice to the public last week and requested the public to provide Suzuki with the latest technology within a few weeks on Friday. Otherwise, he must sell his shares and abandon the alliance. In 2009, Volkswagen purchased 19.89% of Suzuki’s shares for 1.7 billion euros (2.4 billion US dollars).
On October 17th, Volkswagen responded to Suzuki’s persecution: “There will not be any change in the shares of Suzuki Motors currently held by Volkswagen. The negotiations between the two parties will be internal discussions, so the public does not make any further comments on the outside world.†A spokesperson for Suzuki said that he has not yet received an official notice from the general public, nor commented on the public's remarks, but only emphasized that if the public ignores its termination proposal, it will take other measures.
According to the latest stock market news, Volkswagen's share price fell by 0.4 to 113.80 euros. Earlier Suzuki stock closed at 1,679 yen.