Suzuki Motor Corp and Volkswagen AG had partnership talks in 2009 that went sorrow and the two have been facing each other in an international arbitration court for two and a half years.
Now, although reports point out the long-running stake sale dispute that was taken to a London international arbitration court could be settled by the year’s end, when a ruling of the magistrates could come up, it looks like Suzuki’s highest official has another opinion on the matter.
Chairman Osamu Suzuki said recently that he’s rather unclear – although Suzuki called Volkswagen to court – when the international court would settle the battle over their failed tie-up.
Japan’s fourth largest automaker and Europe’s biggest carmaker agreed on a stake sale back in December 2009, with VW acquiring 19.9% of Suzuki’s shares in January 2010 for 1.7 billion euros ($2.3 billion). The deal went South after that and Suzuki tried, unsuccessfully to get back its stake – filing for arbitration from the international court in November 2011.
“It’s unclear,” the 84-year-old chief executive told reporters in Tokyo. “We are the ones that took this to court.”
The chairman also denied that the companies could reach a separate – off court – agreement on the matter. The companies failed to collaborate back then, with Suzuki accusing the German partner of not keeping their promise to share hybrid technology and VW saying the Japanese went on and bought diesel engines from Fiat, instead of them.