Volkswagen Group to Drop $267 Million for Audi Stock Buyout
On Tuesday, Audi announced Volkswagen Group is prepared to buy out minority shareholders. VW announced the plan earlier in the year, setting aside funds to procure the 0.36 percent of Audi it didn’t already own.
“Volkswagen AG announced and specified that it has set the cash settlement to be paid to the minority shareholders in return for the transfer of their shares at 1,551.53 euros per Audi AG share,” the Ingolstadt-based manufacture said in a statement.
Refinitiv data shared by Reuters said the amount represents a healthy premium on top of the 1,050 euro share price. All told, VW will shell out 237 million euros ($267 million) for the 152,749 outstanding Audi shares. Following that exchange, it will own the whole shebang.
The stock transfer is slated to be passed at Audi’s next general meeting. That’s TBD on account of social distancing measures nobody is adhering to anymore. But the company anticipates the meeting taking place in August if it can’t schedule something for the latter half of July.
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