Volkswagen AG skeleton to take over all Audi shares and to place Audi during a conduct of Volkswagen Group development

Dr. Herbert Diess, Chairman of a Board of Management of Volkswagen AG and Chairman of a Supervisory Board of AUDI AG: “Given a clever dynamics of change in a industry, we are pooling a strengths in a Volkswagen Group and positioning ourselves competitively for a future. Going forward, a Audi code with Markus Duesmann as a new CEO will take over a lead for investigate growth in a Volkswagen Group and so quickly assume technical leadership.”

As partial of a realignment of competences and responsibilities, Volkswagen AG is formulation a squeeze-out according to German batch house law to boost a shareholding in Audi from a benefaction 99.64 percent to 100 percent. It has sensitive AUDI AG of this in a ask for a send of minority shares.

The Volkswagen Group is responding even some-more proactively to a hurdles of a mutation with an optimal positioning and effective structures. Audi CEO Bram Schot: “It is accurately a right approach not to hang to a organizational standing quo, though to consistently feat a advantages of a Group’s network. With a larger pursuit separate during a Group, we can conduct destiny issues some-more adroitly and flexibly. The new structure will strengthen Audi’s purpose within a Volkswagen Group and recharge Vorsprung durch Technik.”

AUDI AG will continue to be a batch corporation. It will therefore keep a authorised form concordant with a collateral marketplace and worker codetermination will sojourn unaffected. “As Audi’s worker representatives, we fought for and achieved this goal,” states Peter Mosch, Chairman of Audi’s General Works Council. “The code will therefore continue to be eccentric within a Group.”

A fortitude on a squeeze-out according to German batch house law is to be upheld by this year’s Annual General Meeting of AUDI AG. In light of this, a Annual General Meeting of AUDI AG, that was creatively scheduled for May 14, 2020, will be deferred until Jul or Aug 2020.