Business News
Volkswagen takes over Italian design company
May 25, 2010, 11:07 GMT
Berlin - Volkswagen is taking over Italian design company Italdesign Giugiaro, the German company said in a statement Tuesday, adding that the Turin company would help redesign the group's cars.
VW said both were announcing to the media in Turin that a Volkswagen subsidiary, Lamborghini, would acquire 90.1 per cent of the design firm, which has 800 employees. The Giugiaro family is to retain the remaining shares.
In the 1970s, the studio's head, Giorgetto Giugiaro, designed the Mark I version of the Volkswagen Golf, the German company's main mass model, as well as the first Volkswagen Passat family sedan and the Audi 80.
The announcement said the takeover remained dependent on regulatory approval.
Giugiaro and Aldo Mantovani founded the Turin studio in 1968.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
