Following an International Court of Arbitration decision obliging Volkswagen Group and Suzuki Motor Corporation to sell cross-shareholdings back to each other in August last year, Suzuki has now also settled VW’s ongoing claim for damages relating to its unilateral exit from their technology-sharing alliance in 2012.
According to a statutory document filed by Suzuki with the Tokyo Stock Exchange, the two companies reached an out-of-court settlement on 10 February 2016. The terms provide for payment to VW of a “certain amount of money”.
The document refrained from disclosing further details, including how much cash was involved, due to a confidentiality agreement between both parties. Suzuki added that the money would be paid before the end of its current fiscal year on 31 March and will not have any significant impact on consolidated financial results for that period.