Key Developments: Volkswagen AG (VLKAF.PK)

VLKAF.PK on OTC Markets Group

265.05USD
16 Apr 2014
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Latest Key Developments (Source: Significant Developments)

Volkswagen AG invests over $1 bln in van factory in Poland-Reuters
Tuesday, 18 Mar 2014 06:24am EDT 

Volkswagen AG:Volkswagen AG will invest nearly 3.4 billion Polish zlotys ($1.12 billion) in a van factory that is to be located in the Polish city of Wrzesnia, the Polish state investment agency PAIiIZ said on March 18-Reuters.The agency added that the plant will employ more than 2300 people and will begin production in 2016.  Full Article

Independent Committee of Scania Board recommends shareholders not to accept Volkswagen offer
Tuesday, 18 Mar 2014 02:00am EDT 

Scania AB:Says Independent Committee of the Scania Board of Directors recommends Scania shareholders not to accept tender offer made by Volkswagen Group.The Committee believes the offer does not reflect the long-term fundamental value of Scania and a fair share of the expected synergy potential.Volkswagen Group announced its tender offer for shares in Scania on Feb. 21.  Full Article

Volkswagen AG gives FY 2014 revenue outlook in line with analysts' estimates and proposes FY 2013 dividend; to submit voluntary tender offer to shareholders of Scania Aktiebolag
Friday, 21 Feb 2014 12:46pm EST 

Volkswagen AG:Expects FY 2014 sales revenue to move within a range of 3 pct around the prior-year figure, depending on economic conditions.FY 2013 sales revenue of 197,007 million euro.FY 2014 revenue of 203,536 million euro - Thomson Reuters I/B/E/S.Proposes to increase dividend to 4.00 euro per ordinary share and 4.06 euro per preferred share for FY 2013.Resolved to submit voluntary tender offer to shareholders of Scania Aktiebolag (Scania) for all A and B shares in Scania.Offers for each Scania share 200 Swiss crowns (aproximately 22.26 euro).Based on this offer price, 298,910,903 shares correspond to total value of approximately 6.7 billion euro.The offer represents 57.0 pct and 53.3 pct for A and B shares in Scania, respectively.Offer will be subject to, among others, to condition that Volkswagen through the offer becomes owner of more than 90 pct of total number of shares in Scania.After exceeding threshold of 90 pct Volkswagen will perform a squeeze-out and promote delisting of Scania shares from the stock exchange.  Full Article

Volkswagen AG's subsidiary to raise Indian Rupees one bln via bonds-Reuters
Tuesday, 3 Dec 2013 06:27am EST 

Volkswagen AG:Subsidiary Volkswagen Finance Pvt Ltd plans to raise Indian Rupees one billion ($16 million) through 18-month bonds at 9.85 pct-Reuters.HSBC India is the sole arranger for this tranche of fund raising for the financing arm of the German automaker.  Full Article

Volkswagen AG Reiterates FY 2013 Guidance
Wednesday, 30 Oct 2013 03:33am EDT 

Volkswagen AG announced that its Board of Management has reiterated its forecast for the fiscal year 2013 with sales revenue to exceed the prior fiscal year's 2012 figure.  Full Article

Volkswagen AG Announces Intended Delisting of Shares from Official List of Financial Conduct Authority and Cancellation of Trading on London Stock Exchange
Friday, 27 Sep 2013 03:50am EDT 

Volkswagen AG announced that it has resolved to request the delisting of (i) all ordinary shares (ISIN DE0007664005); and (ii) all preference shares (ISIN DE0007664039), in its share capital (together, the Shares) to date admitted to listing on the Official List of the Financial Conduct Authority and to request the cancellation of the trading of the Shares on the Main Market of the London Stock Exchange (the LSE). Application has been made to the Financial Conduct Authority for the Shares to be removed from the Official List and to the LSE for trading of the Shares to be cancelled with effect from October 28, 2013. The last day of dealings in the Shares on the LSE is expected to be October 25, 2013. The cancellation of the listing and of trading in the Shares on the LSE is expected to take effect at or about 8:00 a.m. on October 28, 2013.  Full Article

Volkswagen AG Considers Raising Stake In China Joint Venture-Reuters
Sunday, 15 Sep 2013 07:03am EDT 

Reuters reported that Volkswagen AG is considering increasing its stake in its car joint venture with China's state-owned FAW Group, VW Chief Executive Martin Winterkorn was quoted.  Full Article

Volkswagen AG Denies That Piech Is To Resign As Chairman-Reuters
Friday, 6 Sep 2013 03:03am EDT 

Reuters reported that Volkswagen AG has denied a newspaper report that its 76-year-old chairman, Ferdinand Piech, plans to step down from his post in the coming months for health reasons. Germany's Handelsblatt newspaper had earlier cited sources close to Piech as saying he is likely step down in the coming months because of poor health and wanted 66-year-old Chief Executive Martin Winterkorn to succeed him.  Full Article

Volkswagen AG's Chairman Piech May Step Down-Reuters
Friday, 6 Sep 2013 01:28am EDT 

Reuters reported that Volkswagen AG's chairman Ferdinand Piech will likely step down from his post within the next few months, German business newspaper Handelsblatt said. According to internal company plans, Piech's favourite candidate to succeed him is Volkswagen's current chief executive, Martin Winterkorn, whose contract as CEO runs until the end of 2016, Handelsblatt said. A company spokeswoman declined to comment on whether Piech, aged 76, is about to retire but did say Winterkorn is set to remain as chief executive.  Full Article

Volkswagen AG Recalls Almost 26,000 Cars In Australia-Reuters
Tuesday, 11 Jun 2013 07:55pm EDT 

Reuters reported that automobile maker Volkswagen AG will recall almost 26,000 cars in Australia in response to potential gearbox problems, the Company said, mirroring recalls already ordered in China, Singapore and Japan. Volkswagen Australia would recall Golf, Jetta, Polo, Passat and Caddy models manufactured between June 2008 and September 2011, the German company said in a statement. The recall would affect 25,928 vehicles fitted the seven-speed DQ200 direct-shift gearbox (DSG) after car owners complained of transmission and engine failures causing loss of power. Australia's government is investigating reports of power loss problems with Volkswagen cars amid a coronial inquiry into the death of a woman killed when a truck hit her manual transmission Golf in 2011. The Victoria state coroner is due to report in July. Volkswagen Australia said the mechanical problems did not affect cars currently being produced and sold. The recall notice did not mention separate engine power loss issues. In recalled cars, Volkswagen said it would replace the gearbox mechatronic unit on potentially affected vehicles at no cost to owners. Vehicle software would also be updated.  Full Article

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VW has agreed budget car concept, design: manager

BEIJING - Volkswagen has agreed the basic concept and design of a budget car for emerging markets, a VW manager told Reuters, nearing the project's completion after a long struggle to meet cost targets for the vehicle.

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