Volkswagen Buys All Remaining Audi Shares
A more efficient division of labor and increased Group synergies – as part of the reorganization of competencies within the Volkswagen Group, today’s Audi Annual General Meeting will also vote on a so-called squeeze-out under stock corporation law. This will result in the transfer all the Audi shares of the remaining shareholders to Volkswagen AG, which already holds 99.64 percent of the share capital of AUDI AG.
The Audi Board of Management would like to thank the shareholders for their trust and loyalty. The planned structure is intended to strengthen Audi’s role within the Volkswagen Group and to increase the future competitiveness of the Volkswagen Group.
“The Volkswagen Group is now consolidating all its strength. We are positioning ourselves competitively throughout the Volkswagen Group and lifting Group synergies and economies of scale to a new level,” says Markus Duesmann, Chairman of the Board of Management of AUDI AG at this year’s Audi Annual General Meeting.
The Volkswagen Group and AUDI AG have been intensifying their cooperation for many years now, for example, with shared production plants or jointly developed and used platforms and modules for conventional and battery-powered vehicles. Future-oriented foundations for competition-differentiating synergies have recently been laid with joint software development in the Car.Software-Organization and by bringing together the development of autonomous driving in the joint venture between the former Audi subsidiary Autonomous Intelligent Driving GmbH and ARGO AI.
The Volkswagen Group intends to meet the challenges of the transformation even more effectively with optimized positioning and effective structures.
Against this background, the Audi Annual General Meeting will vote on the transfer of the Audi shares of the remaining shareholders to Volkswagen AG. Volkswagen AG already holds 99.64 percent of the share capital of AUDI AG. As the principal shareholder of AUDI AG, Volkswagen AG had previously submitted a transfer request on February 28, 2020 and specified the details of that transfer request on June 16, 2020.
As consideration for the transfer of the shares, Volkswagen AG set the cash compensation at €1,551.53 per Audi share. In the relevant three-month period before the announcement of the squeeze-out request, the average share price was €813.15. This means that the fixed cash compensation is approximately 90 percent above that average price. The appropriateness of the cash compensation was reviewed and comprehensively confirmed by the independent, court-selected and court-appointed auditing firm Baker Tilly.
Source / More information : Volkswagen
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