AppId is over the quota
AppId is over the quota
By AutoObserver Staff October 14, 2011
Japan’s Suzuki Motor Corp., currently 19.9-percent owned by the Volkswagen Group, announced today it served VW with a “notice of breach” of the framework agreement the two companies entered into in December, 2009. At that time, VW spent $2.5 billion for its stake in Suzuki and the Japanese automaker simultaneously purchased a small portion of VW, but since then the two companies have publicly squabbled about their displeasure with the alliance.
A statement from Suzuki said the notice requires VW to remedy “numerous breaches” of the companies’ cooperative agreement. Suzuki chairman and CEO Osamu Suzuki added, “This capital alliance was intended to facilitate Suzuki's access to VW's core technologies. I remain disappointed that we have not received what we were promised. If Volkswagen will not allow access it must return Suzuki's shares.” In September, VW accused Suzuki of breaching the terms of their linkup. It was widely believed that VW’s initial stake in Suzuki would lead to a future investment that would give VW control of the Japanese microcar specialist, but the companies continue to express displeasure with the progression of the partnership.
AutoObserver Staff: The best in the business.
0 comments:
Post a Comment