Suzuki terminates partnership with Volkswagen
Suzuki has announced that it will end its unsuccessful partnership with VW and seek to buy back its shares in arbitration.
After months of dissension, Suzuki is taking steps to officially end its relationship with "partner" company Volkswagen.
"Today, Suzuki terminated the partnership with VW," said Suzuki chairman and CEO Osamu Suzuki in a statement. "Suzuki will be seeking the return of its shares from VW in arbitration. I am disappointed that we have to take this action but VW's actions have left us no choice."
Tensions arose after Volkswagen wrote in an annual report that it could "significantly influence financial and operating policy decisions" at Suzuki. The Japanese automaker has since alleged that it was not given full access to Volkswagen's technology, eventually turning to Fiat to purchase diesel engines.
"I am...disappointed that having shaken the hand of [VW chairman] Dr. Winterkorn in agreeing to this partnership, he has not honoured his commitment to grant Suzuki access to what was originally agreed," Suzuki said in the statement.
Volkswagen spokesman Eric Felber stated that the German company intends to keep its stake in its Suzuki.
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