Volkswagen Group will pay almost $ 300 million for Audi

Volkswagen Group will pay almost $ 300 million for Audi

June 17, 2020 0 By autotimesnews

The German automaker Volkswagen is going to buy back 48% of the shares from minority owners.

VW Group, which already owns a 99.64% stake in Audi’s premium brand, has announced plans to buy back the remaining stake in the company.

“Volkswagen AG announced and clarified that it had set the calculation of cash payments to minority shareholders in exchange for the transfer of their shares in the amount of 1,551.53 euros per share of Audi AG,” the automaker said in a statement.

The total transaction amount is EUR 237 million, or about $ 267 million, which will be spent on the acquisition of almost 153 thousand outstanding shares.

The transfer of securities should occur at the next annual meeting of shareholders of Audi, which is expected in July or August.