Volkswagen to pay $267 million for Audi buyout

Volkswagen, which already holds 99.64% of Audi, announced the squeeze-out plans in February.
By
| Updated on: 17 Jun 2020, 01:14 PM
A logo of the German car manufacturer Audi is pictured at a dealership in Kiev, Ukraine June 9, 2020. (REUTERS)
A logo of the German car manufacturer Audi is pictured at a dealership in Kiev, Ukraine June 9, 2020. (REUTERS)

Volkswagen will pay a 48% premium to buy out the minority shareholders of premium division Audi, the latter said on Tuesday.

Volkswagen, 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 euros per AUDI AG share," the carmaker said.

Trending Cars

Find More Cars

(Also read: Audi teases second generation RS7 Sportback, to be launched in India soon)

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

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

First Published Date: 17 Jun 2020, 01:14 PM IST
NEXT ARTICLE BEGINS

Help us with your basic details!

Choose city
+91 | Choose city
Choose city
Choose city
By clicking VIEW OFFERS you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city