VW Refutes Reports Of Sale Of Lamborghini After Reports Of $9.2bln Bid

Volkswagen has refuted a report published kin the British weekly magazine Autocar on Tuesday about an offer of 7.5 billion euro ($9.2 billion) was made to acquire its brand Lamborghini and the company’s Audi said that there were no plans of the company to sell of the supercar brand.

The non-binding offer was reportedly made by the Switzerland’s Quantum Group AG which made the offer by forming a consortium with London-based investment firm Centricus Asset Management, according to the report by Autocar. The unsolicited offer also sets out terms for the purchase of Automobili Lamborghini.

The offer made by the consortium also came with job assurances for existing Lamborghini employees for up to five years as well as creation of 850 new job roles, said the report which quoted information from the offer documents for the acquisition.

The founding partner of Quantum Group – Rea Stark, is also co-founder of Piech Automobile who partnered with another co-founder Toni Piech who is the son of former Volkswagen Chairman Ferdinand Piech, says the website of the company.

The report of the offer for Lamborghini comes in the backdrop of speculations about whether Volkswagen was interested in retaining the very big company structure which also includes a host of brands such as Ducati, Audi, Porsche and Bugatti.

In recent times, there have been repeated speculations about the potential divestment of the Lamborghini brand by VW. However the German auto making group has also confirmed that there was a broad consensus within the group about retaining Lamborghini as a part of the Volkswagen group and therefore the speculation for its sale were unfounded in facts.

“This is not the subject of any discussion within the group. No, Lamborghini is not for sale,” said a spokesman for Volkswagen unit Audi which is in charge of the functioning of the Lamborghini brand when asked to comment on the report published in Autocar,

There were also no comments available in subsequent reports on the acquisition offer from representatives of Centricus and Quantum Group.

There was however reports in October last year which quoted sources as saying that Volkswagen had created detailed plans of make Lamborghini a more independent business within its stable of car brands by carving out a niche in the group for it as well as facilitating a possible initial public offering some time later. 

In an interview last week, Lamborghini CEO Stephan Winkelmann said that the brand had drawn up plans for making an investment of $1.5 billion for development of a line up of entirely gas-electric hybrid vehicles by 2024. It would not be until the second half of the decade that the company would be able to offer its first fully electric model, Winkelmann added.

(Adapted from Reuters.com)

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