Volkswagen is unlikely to make further strategic deals in the near future, CEO Martin Winterkorn said, suggesting an end to the company’s recent spree which included the taking of a stake in Suzuki Motor.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
“There are some who knock on our door. Some really want to come under our roof as they see we’re on a good path strategically. But we are satisfied with the current line-up. I don’t see any need (for further M&A activity),” Winterkorn told German magazine WirtschaftsWoche in an interview.
Volkswagen, Europe’s largest carmaker, earlier this month moved to take a one-fifth stake in Suzuki, only a few days after the company acquired a 49.9% stake in Porsche’s sports car business.
Asked whether Volkswagen would raise its stake in Suzuki in the long-term, Winterkorn said the company was satisfied with its 19.9% stake.
“Time will tell whether it will rise,” Winterkorn said.
Qatar has taken a 17% voting stake in VW after exercising options, causing its ordinary shares to be replaced by its preferred counterparts.
Winterkorn also said a contract for the production of the Porsche Boxster model by Magna Steyr had been cancelled, as it is now to be produced at Karmann, of which Volkswagen bought some assets in November.
“Believe me, Magna is very satisfied with this solution. We have made up for the expenses that were caused,” he said.
For 2010, Winterkorn does not expected short-time work at the company, he said, adding that order books were sufficiently filled until early in the year and that he expected VW to win further market share.
