... it's been a long time coming
THE EMBITTERED relationship between Suzuki and Volkswagen has finally come to an end.
Today Suzuki have terminated the framework agreement between both companies. Suzuki have also demanded that Volkswagen AG return its 19.89% shareholding in the company. The action comes after weeks of alleged negotiation attempts by Suzuki.
Suzuki’s Chairman and CEO Osamu Suzuki said today, 'Today Suzuki terminated the partnership with VW. Suzuki will be seeking the return of its shares from VW in arbitration. I am disappointed that we have to take this action but VW’s actions have left us no choice. They have continued to refuse our attempts on numerous occasions to resolve these issues through negotiation. I am more disappointed that having shaken the hand of Dr. Winterkorn in agreeing to this partnership, he has not honoured his commitment to grant Suzuki access to what was originally agreed. In the absence of VW’s cooperation and given its failure to do what was agreed, there is no basis for the partnership to continue. With the cessation of the partnership there is also no basis for VW to hold on to Suzuki’s shares. We will now work to restore the relationship between Suzuki and VW to its original state as independent parties who do not restrict each other’s business. I call on Dr. Winterkorn to honour this.”'
