Και νέο επεισόδιο στο σήριαλ της VW με την Suzuki παίχτηκε την Παρασκευή, αφού οι Ιάπωνες εξέδωσαν δελτίο τύπου στο οποίο ανακοίνωσαν ότι η συνεργασία με την VW έχει τερματιστεί από την μεριά της, απειλώντας μάλιστα τον Γερμανικό κολοσσό ότι αν δεν την τερματίσει και αυτός, επιστρέφοντας το 19.9% των μετοχών της, θα παραπέμψει την υπόθεση στα διεθνή δικαστήρια.
Ο πρόεδρος της Suzuki, Osamu Suzuki, στο δελτίο τύπου αναφέρει ότι προχώρησε στη κίνηση αυτή αφού πλέον υπάρχει έλλειψη συνεργασίας της VW ώστε να κάνει ότι αρχικά είχε υποσχεθεί. Πλέον θα εργαστούν να αποκαταστήσουν τις σχέσεις τους με την VW ως ανεξάρτητες εταιρίες.
Φυσικά οι Γερμανοί δεν έμειναν άπραγοι στην κίνηση αυτή των Ιαπώνων και εκπρόσωπος του VW Group δήλωσε στο Bloomberg ότι είναι εξαιρετικά απογοητευμένοι από την κίνηση αυτή της Suzuki να καταγγείλει την σύμβαση αλλά δεν υπάρχει κάποιο νομικό υπόβαθρο που να τους υποχρεώνει να επιστρέψουν τις μετοχές της Suzuki. Καταλήγει ότι η Volkswagen θα συνεχίσει να κρατά το μερίδιο της χωρίς να θέλει να το επιστρέψει.
Η Suzuki είναι διατεθειμένη να δώσει μερικό χρόνο στο VW Group ώστε να της επιστρέψει τις μετοχές της προτού προχωρήσουν νομικά. Την Παρασκευή οι μετοχές των δύο εταιριών έχασαν κατά 1.2% (VW) και 2.7% (Suzuki).
Για εσένα που έχεις χάσει τα προηγούμενα επεισόδια να θυμίσω ότι όλα ξεκίνησαν τον Ιούλιο όταν οι Γερμανοί δήλωσαν απογοητευμένοι από την μέχρι τώρα συνεργασία με τους Ιάπωνες, με τον πρόεδρο της Suzuki να δηλώνει ότι ποτέ μέχρι στιγμής η εταιρία του δεν έχει χρησιμοποιήσει καμία τεχνολογία της VW και ότι αν κάποια στιγμή χρειαστούν βοήθεια, θα κοιτάξουν να την βρούνε από άλλους κατασκευαστές, όπως και έκαναν με τους πετρελαιοκινητήρες της Fiat, κίνηση που όπως φαίνεται ξεχείλισε το ποτήρι.
Η Suzuki είχε δηλώσει κατηγορηματικά ότι δεν θέλει πλέον την συνεργασία αυτή και ότι επιθυμεί να εξαγοράσει πίσω το 19.9% των μετοχών της που κατέχουν οι Γερμανοί, η VW φαίνεται ότι δεν είναι διατεθειμένη να κάνει μια τέτοια κίνηση. Η Suzuki στη συνέχεια θέλησε να συνεργαστεί περαιτέρω με την Fiat, κίνηση που ο Sergio Marchionne καλοβλέπει. Ακολούθησε μια περίοδος που οι δύο εταιρίες ούτε που μιλούσαν έως ότου η VW βγάλει το δελτίο τύπου στο οποίο ανέφερε ότι αναθεωρεί την σχέση με την Suzuki. Ακολούθησε η καταγγελία της σύμβασης από την μεριά της Suzuki με την VW να επιμένει ότι δεν έχει σκοπό να δώσει το 19.9% των μετοχών της αρχικής συμφωνίας του 2009.
[Πηγή: Suzuki, Bloomberg]
[learn_more caption=”Δελτίο Τύπου”]
Termination of the Framework Agreement regarding the Business Alliance and Cross-holding of Shares with Volkswagen AG
18 November 2011. Hamamatsu, Japan. Suzuki Motor Corporation (“Suzuki”) has today terminated the Framework Agreement in accordance with the terms of that agreement and has notified Volkswagen AG of such termination. Suzuki has also notified Volkswagen AG of Suzuki’s demand that Volkswagen AG transfer its Suzuki shares to Suzuki or its designated third party.
Suzuki and Volkswagen AG entered into the Framework Agreement in December 2009, recognizing each other as independent equal partners and in so doing agreed to facilitate, among other things, access to Volkswagen AG’s technology. Volkswagen AG’s shareholding of 19.89% of Suzuki shares was required by Volkswagen AG to enable this access. Despite this, Volkswagen AG did not allow Suzuki access to Volkswagen AG’s core technology and it also became clear that there were differences between Suzuki and Volkswagen in the understanding of “independence.” Suzuki cannot therefore establish a relationship of mutual trust which is the basis for collaboration between the two parties.
Suzuki, therefore, served Volkswagen AG with a “Notice of Breach” on 14 October 2011, and therein notified Volkswagen AG of a certain period of time for Volkswagen AG to take remedial action in accordance with the agreement. However, Volkswagen AG has not taken any remedial action. To date, Suzuki has repeatedly made requests to Volkswagen AG to agree to have amicable discussions to terminate the business and capital relationship, but unfortunately Volkswagen AG has not agreed to such requests.
As a result of the termination, the cross- shareholding alliance must be dissolved immediately and in so doing the parties will return to their independent status before the agreement. Volkswagen AG cannot increase or decrease its proportion of Suzuki shares without Suzuki’s consent even after the termination of the Framework Agreement.
Unless Volkswagen AG effectuates the disposition of Suzuki shares to Suzuki or its designated third party immediately, Suzuki will begin arbitration, in order to re-establish the genuine independence of Suzuki by compelling the disposition of Suzuki shares to Suzuki or its designated third party.
Prof. Dr. Ferdinand K. Piëch, Chairman of the Supervisory Board of Volkswagen AG, Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen AG, and Mr. Osamu Suzuki, Chairman and CEO of Suzuki, have engaged directly on the issues that have arisen since the formation of the alliance. The problems that both parties have recently encountered were clarified through this engagement at the most senior levels of each business and therefore Suzuki believes that their explanation will be required in the arbitration proceedings.
Suzuki’s Chairman and CEO Osamu Suzuki said today, “Today Suzuki terminated the partnership with VW. Suzuki will be seeking the return of its shares from VW in arbitration. I am disappointed that we have to take this action but VW’s actions have left us no choice. They have continued to refuse our attempts on numerous occasions to resolve these issues through negotiation. I am more disappointed that having shaken the hand of Dr. Winterkorn in agreeing to this partnership, he has not honoured his commitment to grant Suzuki access to what was originally agreed. In the absence of VW’s cooperation and given its failure to do what was agreed, there is no basis for the partnership to continue. With the cessation of the partnership there is also no basis for VW to hold on to Suzuki’s shares. We will now work to restore the relationship between Suzuki and VW to its original state as independent parties who do not restrict each other’s business. I call on Dr. Winterkorn to honour this.”
Termination of the Framework Agreement regarding the Business Alliance and Cross-holding of Shares with Volkswagen AG and Resolution of Matters regarding the Repurchase of Treasury Shares (Repurchase of Treasury Shares According to Provisions of the Articles of Incorporation Pursuant to Article 165, Paragraph 2 of the Companies Act)
At the board meeting held on 18 November 2011, Suzuki Motor Corporation (“Suzuki”) resolved to terminate the Framework Agreement between Suzuki and Volkswagen AG regarding the business alliance and cross-holding of shares, and to decide on matters regarding the repurchase of treasury shares, in accordance with Article 156, which is applied based on a reading of Article 165, Paragraph 3 of the Companies Act, in preparation for the repurchase of shares in relation to the termination of the Framework Agreement.
The details are as follows.
I. Termination of the Framework Agreement regarding the Business Alliance and Cross-holding of Shares with Volkswagen AG
Today Suzuki has terminated the Framework Agreement in accordance with the terms of that agreement and has notified Volkswagen AG of such termination. Suzuki has also notified Volkswagen AG of Suzuki’s demand that Volkswagen AG transfer its Suzuki shares to Suzuki or its designated third party.
Suzuki and Volkswagen AG entered into the Framework Agreement in December 2009, recognizing each other as independent equal partners and in so doing agreed to facilitate, among other things, access to Volkswagen AG’s technology. Volkswagen AG’s shareholding of 19.89% of Suzuki shares was required by Volkswagen AG to enable this access. Despite this, Volkswagen AG did not allow Suzuki access to Volkswagen AG’s core technology and it also became clear that there were differences between Suzuki and Volkswagen in the understanding of “independence.” Suzuki cannot therefore establish a relationship of mutual trust which is the basis for collaboration between the two parties.
Suzuki, therefore, served Volkswagen AG with a “Notice of Breach” on 14 October 2011, and therein notified Volkswagen AG of a certain period of time for Volkswagen AG to take remedial action in accordance with the agreement. However, Volkswagen AG has not taken any remedial action. To date, Suzuki has repeatedly made requests to Volkswagen AG to agree to have amicable discussions to terminate the business and capital relationship, but unfortunately Volkswagen AG has not agreed to such requests.
As a result of the termination, the cross- shareholding alliance must be dissolved immediately and in so doing the parties will return to their independent status before the agreement. Volkswagen AG cannot increase or decrease its proportion of Suzuki shares without Suzuki’s consent even after the termination of the Framework Agreement.
Unless Volkswagen AG effectuates the disposition of Suzuki shares to Suzuki or its designated third party immediately, Suzuki will begin arbitration, in order to re-establish the genuine independence of Suzuki by compelling the disposition of Suzuki shares to Suzuki or its designated third party.
※Please refer to the document entitled “Transfer of Treasury Shares by Third-party Allotment; Business Alliance and Cross-holding of shares with Volkswagen Aktiengesellschaft; and Changes to the Major Shareholders and the Largest Shareholder” dated 9 December 2009 for details of the capital and business alliance with Volkswagen AG.
II. Matters regarding Repurchase of Treasury Shares
1. Reason for repurchase of treasury shares
Suzuki will repurchase its treasury shares in the case where Suzuki instructs Volkswagen AG to sell the Suzuki shares it holds to Suzuki and Suzuki purchases such shares in relation to the termination of the Framework Agreement.
2. Details of matters regarding the repurchase of treasury shares
| (1) Type of shares | Suzuki common shares |
|---|---|
| (2) Total number of shares that can be repurchased | 112,210,000 shares (maximum limit. Percentage to total number of issued shares (excluding treasury stock): 20.00 %) |
| (3) Total amount of the repurchase price | The amount obtained by multiplying the total number of acquirable shares by the closing price at the Tokyo Stock Exchange on the business day immediate preceding the day on which the shares are to be repurchased |
| (4) Repurchase period | November 21 2011～November 16 2012 |
| (5) Repurchase method | Commission of buy-in at the ToSTNET-3 at the Tokyo Stock Exchange |
- (Note 1) Specific method of repurchase is to be determined at a board meeting separately.
- (Note 2) Suzuki may not repurchase the shares within the repurchase period depending upon the progress of the arbitration mentioned above.
- (Note 3) Suzuki will purchase the shares by matching sell orders equivalent to their buy orders for the number of shares it plans to repurchase.
(For reference) Treasury shares held by Suzuki as of September 30, 2011
| Total number of shares issued and outstanding (excluding treasury shares) | 561,029,211 shares |
|---|---|
| Number of treasury shares | 18,093 shares |
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