Volkswagen takes over Polish distribution network
German automaker Volkswagen has bought its distribution network in Poland from Polish-Dutch group Kulczyk Pon Investments, the latter said Thursday.
"The deal was signed yesterday and will come into force from January 1," KPI spokesman Jerzy Krezlewski told AFP.
The price was not disclosed officially, but Polish media reported that it was 700 million zloty (160 million euros, $218 million).
Under the deal, the German group will buy KPI's Volkswagen, Audi and Porsche import network.
It will also take a 49-percent stake in the Polish branch of Skoda Auto, which is part of the Volkswagen group, and shares in the Polish wings of VW Bank and VW Leasing.
Over the first three quarters of this year, Skoda has topped new car sales in Poland with a market share of 11.7 percent, while the Volkswagen brand was fifth with 6.7 percent, according to industry monitor Samar.
In 2010, Skoda sold 37,800 cars in Poland, and Volkswagen 27,800.
© 2011 AFP