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VW has no plans to sell brands, raise capital - Boersen-Zeitung
October 7, 2016 / 6:57 AM / 9 months ago

VW has no plans to sell brands, raise capital - Boersen-Zeitung

2 Min Read

The logo of German car maker Volkswagen is seen on a car outside a garage in Vienna, Austria, September 29, 2016.Leonhard Foeger

FRANKFURT (Reuters) - Volkswagen is not considering the sale of any of its brands or a capital increase to cope with the costs of the emissions scandal, its supervisory board Chairman Hans Dieter Poetsch told German daily Boersen-Zeitung.

"The Volkswagen group is financially solid and has many options for financing," Poetsch said in the interview published on Friday.

"And that is without extraordinary measures such as a capital increase. That is not being considered at this time. We are also not thinking of selling parts of our brands," he added.

Volkswagen has set aside 17.8 billion euros (15.89 billion pounds) to pay for costs related to the global emissions cheating scandal. The company faces civil litigation and potential fines from government regulators in the EU and other markets.

Poetsch indicated that he did not expect further provisions to be needed.

"The items that seem most likely are reflected in the provisions made so far. From today's point of view, that is robust," he told Boersen-Zeitung.

Reporting by Maria Sheahan; Editing by Adrian Croft

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