TOKYO (Reuters) - The head of Japan's Suzuki Motor Corp 7269.T said he has had no contact with Volkswagen AG VOWG.DE, shooting down a report last week that the German auto giant was considering a 10 percent stake in Suzuki, a Japanese newspaper said.
“So far there’s been absolutely no contact (with Volkswagen),” Chief Executive Osamu Suzuki was quoted as telling the Chunichi Shimbun daily.
“Lately, we’ve been the victim of a lot of rumours (of equity tie-ups and cooperation deals),” the newspaper quoted him as saying in a report on Saturday.
A Suzuki spokesman said he could not confirm the CEO’s comments.
A source familiar with the matter had told Reuters on Thursday that Volkswagen was exploring a deal to cooperate with Suzuki to boost its presence in ultra-small cars, and German publication manager magazine said Volkswagen could secure such a deal by taking a 10 percent stake.
The news had pushed Suzuki’s shares up 5.5 percent on Friday. They ended down 2.5 percent on Monday at 2,140 yen, roughly in line with a fall in other Japanese auto stocks.
Reporting by Chang-Ran Kim; Editing by Michael Watson
Our Standards: The Thomson Reuters Trust Principles.