Japan's Suzuki cancels partnership with Volkswagen
Japanese automaker Suzuki on Monday said it had decided to end its capital and business partnership with Germany's Volkswagen following disagreements between both sides.
Volkswagen's purchase of a 19.9-percent stake in Suzuki in December 2009 had been seen as an opportunity for both carmakers to benefit from their respective strengths in hybrid and small-car technologies.
However, the 1.7 billion euro ($2.3 billion) alliance turned sour, with Suzuki complaining that its autonomy was being jeopardised and that it was being treated like a subsidiary by Volkswagen.
Suzuki shares closed down 2.75 percent at 1,484 yen.
© 2011 AFP