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Volkswagen AG plans to take over all Audi shares and to place Audi at the head of Volkswagen Group development
- Dr. Herbert Diess, Chairman of the Board of Management of Volkswagen AG and Chairman of the Supervisory Board of AUDI AG: “We are pooling our strengths for a competitive positioning. With Markus Duesmann, Audi will take the lead for research & development at the Volkswagen Group”
- Audi CEO Bram Schot: “The new structure will strengthen Audi’s role within the Volkswagen Group”
- Peter Mosch, Deputy Chairman of the Audi Supervisory Board and Chairman of the General Works Council: “Employee codetermination remains unaffected.”
- Volkswagen AG plans to acquire the publicly traded 0.36 percent of Audi’s shares by way of a squeeze-out according to German stock corporation law
- The squeeze-out is to be proposed at this year’s Annual General Meeting of AUDI AG
- The Annual General Meeting is to be postponed until July or August 2020
Volkswagen AG is to strengthen Audi’s role within the Group. With Markus Duesmann as the new CEO, Audi will take the lead for research & development within the brand alliance. In the context of reorganizing competencies and responsibilities, Volkswagen AG plans to carry out a squeeze-out according to German stock corporation law in order to acquire the 0.36 percent of Audi’s shares that are traded on the stock exchange.