Last week we told you that Volkswagen could announce this week that they would buy Giorgetto Giugiaro’s Italdesign. Sure enough, they did. At a joint press conference held today in Turin, both companies announced that Volkswagen Group will take a 90.1 percent stake in IDG. That buys them the company lock, stock and barrel, including the brand name rights and patents.
To make things easier, the shares are being acquired by Audi’s Italian subsidiary Lamborghini Holding S.p.A., says a Volkswagen press release. The remaining 9.9 percent shares will stay in the possession of the present owner family Giugiaro, and they should be worth quite some money, now that an official valuation has been put on them.
Giving Giugiaro what Giugiaro is due, VW’s CEO Martin Winterkorn said that “as the creator of the Golf I, Giorgetto Giugiaro laid a new foundation for Volkswagen design in the 1970s.”
Giugiaro shaped the first Volkswagen Passat, Scirocco and the Audi 80. Volkswagen and IDG are collaborating on new projects such as the planned Volkswagen Up! model family.