Suzuki Motor says it will buy back VW stake as court settles feud
Japan's Suzuki Motor Corp said on Sunday it will buy back the 19.9 percent stake it sold to Volkswagen AG after an international arbitration court settled a dispute between the automakers over their failed partnership.
Suzuki filed for international arbitration in Novem-ber 2011, after Volkswagen refused to sell back the shares in Suzuki it acquired in January 2010 for 1.7 billion euros ($1.90 billion).
The Japanese carmaker said the International Court of Arbitration of the International Chamber of Commerce partially upheld the German company's counterclaims of breach of contract and that any damages would be settled later.
Suzuki said it foresees no impact from the settlement on its full-year earnings.
"It used to feel as if a small bone were stuck in my throat... I feel so refreshed now," Suzuki Chairman and Chief Executive Osamu Suzuki said at a press conference following the company's announcement of the settlement.
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