AUDVF - Volkswagen gains with Lamborghini said to be in play

Lamborghini received an unsolicited bid of €7.5B from a consortium with connections to Ferdinand Piech, according to Reuters.Notably, Piech was the chairman of the executive board of Volkswagen Group from 1993 to 2002 and the chairman of the supervisory board of Volkswagen Group from 2002 to 2015. Volkswagen (VLKAF) CEO Herbert Diess and Audi (AUDVF) CEO Markus Duesmann are reported to have knowledge of the offer. Sources indicate the deal would also include a five-year parts supply contracts with Audi and job guarantees for current Lamborghini employees. While Volkswagen has said in the past that Lamborghini is not for sale, the German auot giant has unloaded some assets in the last year. Shares of Volkswagen are up 2.22% in Frankfurt trading. Earlier this week, Volkswagen's electrification push caught the attention of ARK Invest.

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Volkswagen gains with Lamborghini said to be in play