👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

VW says Lamborghini is not for sale after reported $9.2 billion bid

Published 05/25/2021, 10:40 AM
Updated 05/25/2021, 01:11 PM
© Reuters. FILE PHOTO: The logo of German carmaker Volkswagen is seen on a rim cap in a showroom of a Volkswagen car dealer in Brussels, Belgium July 9, 2020. REUTERS/Francois Lenoir/File Photo
QMCO
-
VOWG_p
-

(Reuters) -Volkswagen has received a 7.5 billion euro ($9.2 billion) offer for Lamborghini, British weekly magazine Autocar reported on Tuesday, though VW's Audi said the supercar brand was not for sale.

The non-binding offer sets out terms for the purchase of Automobili Lamborghini by Switzerland's Quantum (NASDAQ:QMCO) Group AG, which has formed a consortium with London-based investment firm Centricus Asset Management, Autocar reported. (https://

The report, citing offer documents, also said that the consortium would include job assurances for existing Lamborghini employees for up to five years and the creation of 850 new jobs.

Quantum Group founding partner Rea Stark is also co-founder of Piech Automobile with Toni Piech, the son of former Volkswagen (DE:VOWG_p) Chairman Ferdinand Piech, according to its website https://www.quantumgroup.ch/imprint.

The reported offer for Lamborghini comes amid uncertainty over whether Volkswagen will keep a sprawling structure that also includes brands such as Ducati, Audi, Porsche and Bugatti.

Volkswagen confirmed that there was agreement in the group that Lamborghini, which has been named repeatedly as a possible divestment candidate in the past, will remain part of Volkswagen.

Asked to comment on the Autocar report, a spokesman for Volkswagen unit Audi, which is in charge of Lamborghini, said: "This is not the subject of any discussion within the group. No, Lamborghini is not for sale."

Representatives of Centricus and Quantum Group were not immediately available for comment.

Sources told Reuters in October that Volkswagen had drawn up plans to carve out Lamborghini to make it a more independent business within its stable of car brands and facilitate a potential initial public offering (IPO) at a later stage.

© Reuters. FILE PHOTO: The Lamborghini Huracan Evo Spyder is displayed at the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019. REUTERS/Pierre Albouy/File Photo

Lamborghini CEO Stephan Winkelmann last week said the brand planned to invest $1.5 billion to produce an entirely gas-electric hybrid line-up by 2024, adding that its first fully electric model will not appear until the second half of the decade.

($1 = 0.8165 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.