14 October 2011. Hamamatsu, Japan. Suzuki Motor Corporation (“Suzuki”) has today served Volkswagen AG (“VW”) with a ‘notice of breach’ in relation to the companies’ 9 December 2009 Framework Agreement.
The notice requires that VW remedies numerous breaches of the companies’ Framework Agreement. The notice follows a period of prolonged efforts by Suzuki to progress its relationship with VW, as agreed at the partnership’s inception.
Suzuki’s Chairman and CEO, Osamu Suzuki, said today, “This capital alliance was intended to facilitate Suzuki's access to VW’s core technologies. I remain disappointed that we have not received what we were promised. If Volkswagen will not allow access it must return Suzuki’s shares. We are very encouraged by Suzuki's consistently solid performance. We remain on track for profitability and are excited about the potential for future growth.”
|Bell Pottinger Group|
|Tristan Peniston-Bird||+44 207 861 3928,
|Charlie Harrison||+44 207 861 3125,