The new owner will acquire all shares of Volkswagen subsidiaries in Russia. The agreement has already been approved by the Russian state authorities.
German automobile concern Volkswagen Group announced the completion of the sale of its shares in the Russian business to a local investor. This was reported on the company’s website on Friday, May 19.
“Volkswagen has completed the sale of its shares in Volkswagen Group Rus LLC, including local subsidiaries (Volkswagen Components and Services LLC, Scania Leasing LLC, Scania Finance LLC, Scania Insurance LLC), to Art-Finance LLC, supported by Russian dealer Avilon,” the company said. in the message.
It is indicated that from the moment the transaction is registered, the ownership of shares in the authorized capital of Volkswagen Group Rus LLC and its subsidiaries passes from the seller to the buyer.
At the same time, the new owner will acquire all the shares of the Russian subsidiaries, and the deal has already been approved by the Russian state authorities.
“The agreement includes production facilities in Kaluga, distribution and after-sales services, as well as warehousing and financial services to all related employees,” Volkswagen added.
It will be recalled that in March, the Russian court froze all the assets of Volkswagen in Russia. Earlier, the automaker suspended business in Russia due to Western sanctions and sued for the termination of the contract with GAZ.
Volkswagen has also reportedly banned its Chinese factories from selling cars in Russia.
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Source: korrespondent
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