Volkswagen (VW) Group has been working hard to control 100 percent of Audi cars, quoted from the official website. This step is their effort to fully own the Ingolstadt-based car brand.
Currently, the VW Group owns 99.64 percent of Audi shares, with a minority shareholder of 0.36 percent. To control everything, this group buys the remaining shares by paying a premium of 48 percent for a total of the US $ 267 million.
“Volkswagen AG announces that they have established a cash settlement to be paid to minority shareholders in exchange for the transfer of their stake of 1,551.53 euros per share of Audi AG,” said VW.
According to Refinitiv data, this compares to a share price of 1,050 euros per share and a total purchase price of 237 million euros (267 million US dollars) for a total of 152,749 shares of Audi in circulation.
The transfer of shares will take place at the next annual general meeting, which was originally scheduled for 14 May 2020 but was postponed to July or August.
Apart from the transfer of shares, Audi will continue to operate as a public company that is compatible with the capital market.
“As representatives of Audi employees, we strive to achieve this goal. The brand will therefore continue to be independent within the Group,” said Peter Mosch, Chairman of the Audi Public Works Council.
Audi remains one of the VW Group’s most important brands, and in several sectors, such as R&D, is one of the pioneers.
