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ReprintsSuzuki CEO denies reports of pending VW tie-up
November 2, 2009 08:01 CET
TOKYO (Reuters) -- The CEO of Suzuki Motor Corp. said on Monday there was no truth to reports it was in talks to tie up with Volkswagen AG. "There's a saying that there's no smoke where there's no fire, but you're all creating smoke where there's no fire in this case," said Osamu Suzuki, referring to the media. "There's been nothing on this (Volkswagen ties) from our side." In August, VW CEO Martin Winterkorn told Germany's Manager Magazin that Suzuki "would be an interesting partner because of its competency in small cars." The magazine said, without citing sources, that Volkswagen was interested in taking a 10 percent stake in Suzuki or forming a joint venture. VW could take a stake in Suzuki by the end of next month, according to Automotive News Europe sister publication Automobilwoche. "We expect that there will be a basic agreement this year," Automobilwoche quoted a VW executive as saying on the sidelines of the Frankfurt auto show in September. "For Suzuki and VW this connection would be a win-win situation. Suzuki would have access to a variety of VW's technology, while Volkswagen would have a solid supporting leg in India and Southeast Asia," the manager said. |
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