Volkswagen has no plans to sell brands, raise capital

by SpeedLux
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Volkswagen is ruling out the sale of any of its brands or a capital boost to cope with the costs of the emissions scandal, its supervisory board Chairman Hans Dieter Poetsch informed German daily Boersen-Zeitung.

“The Volkswagen group is economically strong and has many options for funding,” Poetsch stated in the interview.

“And that is without remarkable procedures such as a capital boost. That is not being thought about at this time. We are also not thinking of selling parts of our brands,” he added.

Volkswagen has reserved EUR17.8 billion ($19.8 billion) to spend for costs related to the global emissions cheating scandal. The automaker deals with civil litigation and potential fines from government regulators in the EU and other places.

Poetsch suggested that he did not anticipate further provisions to be required.

“The products that seem most likely are reflected in the arrangements made so far. From today’s perspective, that is robust,” he informed Boersen-Zeitung.

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