February 28, 2020 / 6:57 PM / a month ago

VW offers to buy out minority shareholders in Audi

FILE PHOTO: The logo of Volkswagen is pictured at the LA Auto Show in Los Angeles, California, U.S., November 20, 2019. REUTERS/Lucy Nicholson/File Photo

FRANKFURT (Reuters) - Volkswagen (VOWG_p.DE) said on Friday it had offered to buy out minority shareholders in its premium brand Audi AG (NSUG.DE), via a so-called squeeze-out offer.

Volkswagen AG already holds 99.64% of the registered share capital of Audi AG.

“In the context of reorganizing competencies and responsibilities, Volkswagen AG plans to carry out a squeeze-out according to German stock corporation law in order to acquire the 0.36 percent of Audi’s shares,” VW said.

A resolution on the squeeze-out, in line with German stock corporation law, is to be passed by Audi AG’s Annual General Meeting. The AGM was originally scheduled for May 14 but will now be postponed until July or August.

Reporting by Edward Taylor; Editing by Chris Reese and Pravin Char

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