The head of Suzuki said he has had no contact with Volkswagen regarding a 10 per cent stake in the company as was reported in German newspaper Manager Magazine last week.
The report claimed Volkswagen was exploring a deal to cooperate with Suzuki to boost its presence in ultra-small cars.
“So far there’s been absolutely no contact (with Volkswagen),” CEO Osamu Suzuki said. “Lately, we’ve been the victim of a lot of rumors (of equity tie-ups and cooperation deals).”
The news had pushed Suzuki’s shares up 5.5 per cent on Friday. They ended down 2.5 per cent yesterday.