Volkswagen AG to place Audi at the head of Volkswagen Group R&D
04 March 2020
Volkswagen AG will strengthen Audi’s role within the Group. With Markus Duesmann as the new CEO, Audi will take the lead for research & development within the brand alliance.
In the context of reorganizing competencies and responsibilities, Volkswagen AG plans to carry out a squeeze-out according to German stock corporation law in order to acquire the 0.36% of Audi’s shares that are traded on the stock exchange.
Given the strong dynamics of change in our industry, we are pooling our strengths in the Volkswagen Group and positioning ourselves competitively for the future. Going forward, the Audi brand with Markus Duesmann as its new CEO will take over the lead for research & development in the Volkswagen Group and thus swiftly assume technical leadership.—Dr. Herbert Diess, Chairman of the Board of Management of Volkswagen AG and Chairman of the Supervisory Board of AUDI AG
As part of the realignment of competences and responsibilities, Volkswagen AG is planning a squeeze-out according to German stock corporation law to increase its shareholding in Audi from the present 99.64% to 100%. It has informed AUDI AG of this in a request for the transfer of minority shares.
It is exactly the right way not to stick to the organizational status quo, but to consistently exploit the advantages of the Group’s network. With a greater job split at the Group, we can manage future issues more agilely and flexibly. The new structure will strengthen Audi’s role within the Volkswagen Group and recharge Vorsprung durch Technik.—Audi CEO Bram Schot
AUDI AG will continue to be a stock corporation. It will therefore retain a legal form compatible with the capital market and employee codetermination will remain unaffected.
A resolution on the squeeze-out according to German stock corporation law is to be passed by this year’s Annual General Meeting of AUDI AG. In light of this, the Annual General Meeting of AUDI AG, which was originally scheduled for 14 May 2020, will be postponed until July or August 2020.