VW Group to pay $267m for Audi buyout

Automotive Industry

Source: Automotive News Europe, 2020-06-16

Volkswagen Group will pay a 48% premium to buy out the minority shareholders of premium division Audi, the group's premium brand said on Tuesday 16 June.

VW Group, which already holds 99.64% of Audi, announced the squeeze-out plans in February.

"Volkswagen AG announced and specified that it has set the cash settlement to be paid to the minority shareholders in return for the transfer of their shares at €1,551.53 per Audi AG share," the automaker said.

This compares with a share price of €1,050 a piece on Tuesday 16 June and amounts to a purchase price of €237m ($267m) for the 152,749 outstanding Audi shares, according to Refinitiv data.

The transfer is expected to be passed at Audi's next annual general meeting, which the automaker said should take place in July or August.

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