VW to buy stake in Japan's Suzuki

Volkswagen has announced it would buy a 19.9 percent stake in Japan's Suzuki Motor by January 2010 (AFP file)

FRANKFURT (AFP) – Volkswagen AG announced Wednesday it would buy a 19.9 percent stake in Japan's Suzuki Motor Corp. by January 2010, with Suzuki also acquiring a stake in the German auto giant.

No financial details were released but a statement said that Suzuki "intends to invest up to one half of the amount received from Volkswagen into shares of Volkswagen."

The two groups said they had "reached a common understanding to establish a close long-term strategic partnership" and a joint press conference was scheduled later on Wednesday in Tokyo.

Source: AFP

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