Key Developments: Volkswagen AG (VOWG_p.DE)

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Latest Key Developments (Source: Significant Developments)

Volkswagen AG To Recall Cars-Reuters
Monday, 18 Mar 2013 01:02am EDT 

Reuters reported that Volkswagen AG (VW) will recall vehicles in China to fix a gearbox problem after coming under criticism from state-run China Central Television's (CCTV) annual corporate malpractice expose. VW's direct shift gearbox transmission, a long-standing issue for the German automaker, was causing cars to speed up or slow down during driving. After the show Volkswagen promised action, and a spokesman said the firm will recall both locally made and imported cars. Details of the volume and models involved will be released either later on Monday or Tuesday, the spokesman said.  Full Article

Volkswagen AG Issues FY 2013 Revenue Outlook In Line with Analysts' Estimates; Issues FY 2013 Operating Profit Guidance Below Analysts' Estimates; Proposes FY 2012 Dividend
Friday, 22 Feb 2013 08:58am EST 

Volkswagen AG announced that its Board of Management and Supervisory Board propose an increase in the dividend to EUR 3.50 per ordinary share and EUR 3.56 per preferred share for the fiscal year 2012. Moreover, the Company announced that it expect fiscal year 2013 sales revenue to exceed the prior fiscal year 2012 figure. Given the ongoing uncertainty in the economic environment, the Company‚Äôs 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 Seeks Full Control Over MAN SE-Reuters
Wednesday, 9 Jan 2013 01:37pm EST 

Reuters reported that Volkswagen AG said it wished to take full control over the Munich-based truck maker, MAN SE Volkswagen said would now seek a domination and profit and loss transfer agreement, a move to give it full strategic and financial control over MAN, in which it has a 75.03% stake. Based on the closing price on Xetra DAX the remaining shares would cost Volkswagen at least EUR2.96 billion ($3.86 billion). The EUR90 share price in Frankfurt reflects a EUR3.17 billion price tag. A domination and profit transfer agreement requires 75% of shares and gives the acquirer access to the liquidity of the Company it bought. A Volkswagen spokeswoman said that the next step would be an offer to MAN shareholders. NordLB analyst Frank Schwope said he expected Volkswagen to aim for between 95-99% of MAN shares. 35.2 million MAN shares are not owned by Volkswagen.  Full Article

Volkswagen AG Launches Full-Cycle Production At Nizhny Novgorod Under Cooperation With Gaz OAO-Interfax
Thursday, 6 Dec 2012 02:10am EST 

Interfax reported that Volkswagen AG (VW) launched full-cycle production at Gaz OAO (GAZ) automobile works in the Nizhny Novgorod region on December 6, 2012, Mr. Winfried Vahland, Chairman of the Board of Directors at Skoda Auto, told reporters. VW produces the Skoda Yeti in Nizhny Novgorod. It has been assembling the Yeti there by the semi knocked-down method since last November. VW has invested about 1 billion euro in its production facilities in Russia. It is poised to sell around 500,000 vehicles a year in Russia by 2018. VW launched a factory in Russia's Kaluga region in 2009 and had assembled 24 models under the Skoda, Volkswagen and Audi brands by the fall of 2010. It started full-cycle production of four models of two brands, as well as the Volkswagen Touareg and Multivan by the SKD method, in September 2010. It invested 570 million euro in the factory and 774 million euro in the project as a whole. In collaboration with the GAZ Group, VW also assembles vehicles in Nizhny Novgorod. Besides the Skoda Yeti, it will perform full-cycle production of the Skoda Octavia and Volkswagen Jetta at GAZ's facilities, reports have said. VW will turn out more than 100,000 vehicles a year in Nizhny Novgorod. Investments in the project will top 200 million euro, 85 million of which will be invested by the GAZ Group. The agreement between the two companies is valid until 2019.  Full Article

Volkswagen AG To Raise At Least EUR2 Billion Via Convertible Bond-Reuters
Monday, 5 Nov 2012 03:23pm EST 

Reuters reported that Volkswagen AG aims to raise at least EUR2 billion ($2.57 billion) in fresh capital to strengthen its balance sheet by issuing debt that must be converted into non-voting equity in 2015. The convertible bonds, estimated to have a coupon of 4.75% to 5.50%, will have to be redeemed at maturity in November 2015 by means of a dilutive conversion into new preferred shares. The conversion premium offers investors the chance to participate in share price gains of up to 20%. In case the bonds meet strong demand, Volkswagen said the total can be increased by EUR500 million.  Full Article

Volkswagen AG Issues Q3 FY 2012 EBIT Guidance
Monday, 5 Nov 2012 11:46am EST 

Volkswagen AG announced that it will achieve negative EBIT of approximately EUR 25 million in the third quarter of the fiscal year 2012.  Full Article

Volkswagen AG To Set Up India Engine Assembly Plant By 2015-The Economic Times
Thursday, 1 Nov 2012 06:34am EDT 

The Economic Times reported that Volkswagen AG will build an engine assembly plant in India by 2015. The Company also plans to invest EUR60 million ($78 million) in its India business next year on localization of components and to boost export potential from the country. Volkswagen plans to start exporting vehicles to Taiwan and North Africa from India next year.  Full Article

Volkswagen AG Appoints Ayala Corporation's Subsidiary As Philippine Distributor
Tuesday, 23 Oct 2012 08:00pm EDT 

Ayala Corporation announced that its wholly owned subsidiary, Ayala Automotive Holdings Corporation, has been appointed as the Philippine distributor for Volkswagen passenger vehicles by Volkswagen AG.  Full Article

Audi cuts spare-part prices in China amid anti-monopoly probe

SHANGHAI/BEIJING, July 27 - Volkswagen AG's premium brand Audi said it would cut spare-part prices in China as global automakers rush to change their pricing strategies after Chinese anti-monopoly regulators began probing the auto industry.

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