Porsche Automobil Holding SE, Stuttgart has reached an agreement with Suzuki Motor Corporation, Shizuoka, to acquire a stake of 1.5% in the common shares (4.397 million) of Volkswagen AG, Wolfsburg, in an off-market transaction at an undisclosed price. This makes Porsche by far the largest shareholder in VW at 52.2%. VW shares have lost one-third of their value since the diesel emissions scandal emerged Valerie this month.
Suzuki held Volkswagen share because of a disastrous joint venture. The Japanese automaker disclosed the transaction over the weekend. Suzuki will post ¥36.7 billion (~$304 million) as a special item.
