Suzuki Motor To Buy Stake Held By Volkswagen As Court Settles Dispute

(RTTNews) - Suzuki Motor Corp (SZKMY.PK) will buy back the 19.9 percent stake it sold to Volkswagen AG (VKW.L, VLKAF.PK, VOW.BE) after an international court settled a dispute between the automakers over their soured partnership, reports said on Sunday.

Volkswagen held 111.61 million Suzuki shares as of March 31, valued at about 463 billion yen ($3.81 billion) based on Friday's closing price.

Suzuki filed for international arbitration in November 2011, after Volkswagen refused to sell the shares in Suzuki it acquired in January 2010 for $1.90 billion).

The International Court of Arbitration of the International Chamber of Commerce, however, partly upheld Volkswagen's contention that the contract was breached by Suzuki, as per the reports.

Suzuki has reportedly said it might have to pay damages to Volkswagen.