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Volkswagen: sells shares in Russian subsidiaries

( - Volkswagen Group announced that it has completed the sale of its shares in Volkswagen Group Rus LLC, including its local subsidiaries (Volkswagen Components and Services LLC, Scania Leasing LLC, Scania Finance LLC, Scania Insurance LLC) to Art-Finance LLC, a company backed by the Russian dealer Avilon.

With the registration of the transaction, the ownership of the shares in Volkswagen Group Rus LLC and its subsidiaries is transferred from the sellers to the buyer.

The new owner will acquire all shares of the Russian subsidiaries.
The agreement has been approved by the Russian government authorities. The transaction includes the production facilities in Kaluga, the import structure (distribution and after-sales) and the warehousing and financial services business with all its associated employees.

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