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Sun 27 Sep 2015 10:14 AM

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Suzuki dumps 1.5% Volkswagen stake after emissions scandal

Qatar Investment Authority is still one of the biggest shareholder in the embattled German carmaker, with a 17% stake

Suzuki dumps 1.5% Volkswagen stake after emissions scandal

Suzuki Motor Corp said it has sold its entire 1.5 percent stake in Volkswagen AG to Porsche Automobil Holding SE and will post a special profit of 36.7 billion yen ($304 million) on the transaction.

The Japanese automaker said on Saturday that it had sold 4,397,000 Volkswagen common shares and that they would be transferred on September 30.

Porsche said on its website that its holding in Volkswagen would increase to 52.2 percent after the transfer.

Suzuki has already bought back a 19.9 percent share of its own stock that Volkswagen was ordered to sell by an international arbitration court last month, ending a long-running dispute between the two after a cooperative agreement between them turned sour.

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