June 16, 2020 / 4:00 PM / a month ago

Volkswagen to pay $267 million for Audi buyout

FILE PHOTO: The logo of German car maker Volkswagen is seen on a car outside a garage in Vienna, Austria, Sept. 29, 2016. REUTERS/Leonhard Foeger/File Photo

FRANKFURT (Reuters) - Volkswagen (VOWG_p.DE) will pay a 48% premium to buy out the minority shareholders of premium division Audi (NSUG.DE), Audi said on Tuesday.

Volkswagen, which already holds 99.64% of Audi, announced the squeeze-out plans in February.

“Volkswagen AG announced and specified that it has set the cash settlement to be paid to the minority shareholders in return for the transfer of their shares at 1,551.53 euros per AUDI AG share,” the carmaker said.

This compares with a share price of 1,050 euros apiece on Tuesday and amounts to a purchase price of 237 million euros ($267 million/£212 million) for the 152,749 outstanding Audi shares, according to Refinitiv data.

The transfer will be passed at Audi’s next annual general meeting, which the carmaker said is expected to take place in July or August.

Reporting by Christoph Steitz; editing by David Evans

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