The 131st Audi Annual General Meeting was supposed to take place on May 14, but in light of the coronavirus outbreak, Audi had no other way but to delay the event. It has now been rescheduled for July 31, and while that’s not necessarily big news, the head honchos will have some major topics to discuss.
The first order of business at this year’s Audi Annual General Meeting will involve Volkswagen Group’s decision to buy the remaining 0.36 percent of Audi shares per a squeeze-out procedure. What’s a squeeze-out you ask? It’s when all of the shares of a stock corporation are transferred to a significant shareholder, in this case, the VW Group. The majority shareholder must have a minimum of 95 percent of the share capital to demand a squeeze-out, which the VW Group requested at the end of February.
What that effectively means is the VW Group will fully own Audi once the deal is done. The minority shareholders will get €1,551.53 per share or about $1,753 at current exchange rates. The decision has been taken as a way to “reduce administrative expenses, streamline structures, and prepare the way for the more agile and flexible management of future issues throughout the Group by means of an optimum job split within the Volkswagen Group.”
Following the transaction, Audi will be tasked to head the VW Group’s research and development efforts going forward. Additional details will be disclosed at the end of next month when the Audi General Meeting is set to take place exclusively online because of the COVID-19 pandemic. We’re hoping to learn what the near future has in tow for the Four Rings considering the electric push for virtually all members of the German automotive conglomerate.
The E-Tron GT and Q4 E-Tron are due later this year, with Audi planning to speed up EV development through a newly announced Artemis project. With no fewer than 75 electric cars and 60 hybrids due by 2029, the VW Group is embracing the electrification era with great enthusiasm.