VW Group completely acquired Audi premium brand

VW Group completely acquired Audi premium brand

June 18, 2020 0 By autotimesnews

The German concern now fully owns Audi. The premium brand was fully redeemed for 237 million euros

Since 1964, Volkswagen already owns part of Audi. After acquiring a premium brand from its then owner, the German concern Daimler-Benz, the VW Group began with a 50 percent ownership of the company’s shares. This is the main control share, which has already increased to 99.64 percent this year.

However, according to the foreign publication Automotive News, today, June 18, Volkswagen will redeem the remaining 0.36% stake in Audi. This gives the VW Group full control over the luxury automaker, but it will certainly come at a price.

“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 to the concern in the amount of 1,551.53 euros per share of Audi AG,” the VW official statement said.

According to the report, a staggering 48 percent premium will be paid to the Volkswagen Group to minority shareholders. The current share price of Audi AG is 1,050 euros

With 152,749 shares of Audi AG, the entire redemption will cost the German automaker 237 million euros, which will lead to complete control over the premium Audi. An official translation is expected in July or August of this year at Audi’s annual general meeting.