Ending days of rumors, the Volkswagen Group announced Tuesday it was buying a 90.1 per cent stake in Italian design firm and Italdesign Giugiaro S.p.A. as part of its global expansion plan, without, however, giving out any information on the financial aspects of the deal.
The German automaker said that the shares are being acquired by AUDI's Italian subsidiary Lamborghini Holding S.p.A., while the Giuigiaro family will keep a 9.9 per cent stake in the Italian company that generates sales of over €100 million (US$122 million) and has a workforce of some 800 employees.