Suzuki announced today that the cooperation agreement with VW has been terminated and threatened to take the case to an international court for arbitration if the German company continues to hold on to its 19.9% stake.
“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,” Osamu Suzuki, CEO of the Hamamatsu-based carmaker said today. “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.”
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