TOKYO (Bloomberg) -- Suzuki Motor Corp. confirmed that Volkswagen Group has sold back all the shares it held in the Japanese carmaker for 460.3 billion yen ($3.8 billion), closing the final chapter of an acrimonious partnership.
The Japanese carmaker repurchased all 111.6 million shares held by its German peer, according to a Tokyo Stock Exchange filing.
Arbitrators last month upheld Suzuki's request to sever their ties and force VW to sell its 19.9 percent stake.
Chairman Osamu Suzuki, who brokered the deal with Volkswagen, has said Suzuki will insist on safeguarding its independence in any future dealings with other carmakers.
Thursday’s filing didn't address Suzuki's plans for what the company will do next with the repurchased shares. Hedge fund Third Point believes the automaker should cancel the stock to benefit existing shareholders, its representative, Daniel Loeb, told reporters last month.
Volkswagen and Suzuki had initially planned to cooperate on small, fuel-efficient cars for emerging economies, providing the smaller Japanese automaker with access to technology and helping Volkswagen improve on its laggard position in the Indian market. Relations deteriorated in 2011 after the Japanese company agreed to buy diesel engines from Fiat, and the companies accused each other of breaching the accord.
A specialist in inexpensive cars, Suzuki sells about a quarter as many vehicles as global rivals like Volkswagen and Toyota Motor Corp. Its lack of scale could pose a challenge as the company faces the rising development spending necessary to make greener autos and outfit them with costly safety technology.