Japanese automobile major Suzuki Motor will buy back the 19.9% share it divested to German carmaker Volkswagen (VW) after the International Court of Arbitration of the International Chamber of Commerce ironed out their feud.
Suzuki had earlier filed an arbitration with the International Court of Arbitration of the International Chamber of Commerce on 24 November 2011 after Volkswagen refused to sell back the shares in Suzuki.
Volkswagen had acquired 19.9% stake in Suzuki in January 2010 for $1.9bn.
After the Japanese carmaker moved to International Court of Arbitration of the International Chamber of Commerce, a tribunal was set up in keeping with ICC arbitration rules.
VW made its case for the dismissal all of Suzuki's claims and requested it to uphold that Suzuki breached the Framework Agreement.
Suzuki chairman Osamu Suzuki said: "In accordance with Suzuki's request, the arbitration award concluded that the Framework Agreement with VW was terminated and that VW must return its Suzuki shares. We are satisfied with this conclusion.
"Accordingly, we achieved our primary objective in bringing the arbitration claim, namely the return of the Suzuki shares... Now, all of the Suzuki Group will be united to strive for Suzuki's further development."
However, the counterclaims made by VW that Suzuki has breached the pact have been partially upheld. The Tribunal has ruled that damages, if any, would be dealt with in a further stage of proceedings.
Suzuki said it does not foresee any need to amend its forecast of consolidated results for the fiscal year ending March 31, 2016.
