Having succeeded in remaining profitable through the worst of the global recession, Volkswagen AG continues to pounce on acquisitions of opportunity.
It is now stalking an old ally, Wilhelm Karmann GmbH, according to press accounts in Germany.
Volkswagen’s management is offering “low double digit” millions of Euros for the company, the German news magazine Der Spiegel reported Monday. The owners of privately held Karmann are apparently resisting, claiming the assets are worth substantially more than VW is offering to pay.
However, VW appears to hold the upper hand in the negotiations. Karmann filed for the German equivalent of bankruptcy in April needs more money by November 1 or it could face liquidation.