Suzuki’s CEO has denied reports that Volkswagen is set to take a 10 per cent stake in the Japanese manufacturer.
Last week, it was reported that Suzuki and VW could be working together on a microcar for the Asian markets. Part of the deal would have seen VW take a 10 per cent stake in Suzuki.
But commenting on the reports in the Japanese press, Osamu Suzuki said: “So far there's been absolutely no contact with Volkswagen. Lately, we've been the victim of a lot of rumors.”
The news of Suzuki and VW’s potential tie-up last week pushed up shares in the Japanese firm by 5.5 per cent, but after the CEO’s comments, they fell 2.5 per cent.