Key Developments: Volkswagen AG (VOWG_p.DE)

VOWG_p.DE on Xetra

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Latest Key Developments (Source: Significant Developments)

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

Volkswagen AG Issues EUR 1.2 Billion Convertible Notes
Tuesday, 11 Jun 2013 12:59pm EDT 

Volkswagen AG announced that it has resolved to issue new mandatory convertible notes. The new mandatory convertible notes will be issued with a coupon of 5.5% and maturity on November 9, 2015 and will be offered at an issue price of 105.64% of their principal amount. The aggregate principal amount of the new mandatory convertible notes will be up to EUR 1.2 billion. The new mandatory convertible notes with a denomination of EUR100,000 will be issued by Volkswagen International Finance N.V. under a subordinated guarantee of Volkswagen AG. The pre-emptive rights of existing shareholders have been excluded. The mandatory convertible notes will be redeemed at maturity by converting the repayment claims of the holders of the mandatory convertible notes into new no par-value bearer preferred shares issued by partial utilization of the existing conditional capital of Volkswagen AG. As Bookrunner, J.P. Morgan has committed to the Company to subscribe for new mandatory convertible notes in an aggregate principal amount of EUR500 million at the issue price. In addition, Qatar Holding LLC has provided a binding order to J.P. Morgan to buy new mandatory convertible notes at the issue price as part of the offering.  Full Article

Australia Investigating Volkswagen AG's Safety After Driver's Death-Reuters
Friday, 31 May 2013 03:19am EDT 

Reuters reported that The Australian government is investigating reports of power loss problems in cars manufactured by Volkswagen AG, amid an inquiry into the death of a woman killed when her Volkswagen Golf was hit by a truck in 2011. The probe comes just weeks after the German carmaker recalled about 91,000 vehicles in Japan because of potential gearbox problems that could cause cars to speed up or slow down during driving. Safety concerns about Volkswagen vehicles have drawn fresh attention in Australia as the Victoria state coroner conducts an inquiry this week into the death of Melissa Ryan. The coroner's decision is due in July. Australia's Department of Infrastructure and Transport said on Friday that it was aware of Ryan's case and might provide assistance to agencies including coroners.  Full Article

Germany Wins Victory Over EU Commission In Volkswagen AG Law Case-Reuters
Wednesday, 29 May 2013 09:56am EDT 

Reuters reported that Germany looked set to win victory over the European Commission to preserve state influence at carmaker Volkswagen on May 29, 2013, after an adviser to the EU's highest court rejected the European Commission's bid to overturn the so-called VW Law. While the final ruling is not expected until later this year, the preliminary advisory decision is a painful setback for the Commission. For years it has been locked in a battle with Germany over the 1960 law that gives the state of Lower Saxony a veto over fundamental decisions at VW such as mergers and acquisitions, even though it only has a 20% voting stake.  Full Article

Volkswagen AG Confirms FY 2013 Forecast
Wednesday, 24 Apr 2013 05:32am EDT 

Volkswagen AG announced that it still expect fiscal year 2013 sales revenue to exceed the prior fiscal year 2012 figure. Given the ongoing uncertainty in the economic environment, the Company’s goal for operating profit is to match the fiscal year 2012 level in the fiscal year 2013. For the fiscal year 2012 the Company reported revenue of EUR 192,676.00 million and operating profit of EUR 11,510.00 million. According to I/B/E/S Estimates, analysts on average are expecting the Company to report fiscal year 2013 revenue of EUR 202,608.13 million and fiscal year 2013 operating profit of EUR 13,015.00 million.  Full Article

Volkswagen AG Confirms FY 2013 Forecast
Wednesday, 24 Apr 2013 05:32am EDT 

Volkswagen AG announced that it still expects fiscal year 2013 sales revenue to exceed the prior fiscal year 2012 figure. Given the ongoing uncertainty in the economic environment, the Company’s goal for operating profit is to match the fiscal year 2012 level in the fiscal year 2013. For the fiscal year 2012 the Company reported revenue of EUR 192,676.00 million and operating profit of EUR 11,510.00 million. According to I/B/E/S Estimates, analysts on average are expecting the Company to report fiscal year 2013 revenue of EUR 202,608.13 million and fiscal year 2013 operating profit of EUR 13,015.00 million.  Full Article

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