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VW moves on bankrupt Karmann

2009-10-26 08:46
German carmaker Volkswagen AG wants to buy bankrupt automaker Karmann, a spokesman for Karmann said Sunday, confirming a report
by weekly Der Spiegel.

"There have been talks for some time," Roland Leithaeuser told The Associated Press on Sunday.

Spiegel quoted an unidentified VW manager saying that Volkswagen wants to invest several million euros "in the two-digit range" to buy German carmaker Karmann, which filed for bankruptcy protection earlier this year.

VW did not want to comment on the report.

According to Spiegel, VW and Karmann have been negotiating a price for several weeks, but have not yet come to an agreement.

Osnabrueck-based Karmann, which made the classic VW Karmann Ghia two-seater from the 1950s to the 1970s and also has built convertibles for Audi and Chrysler, filed for bankruptcy protection in April, blaming the fallout from the global financial crisis and the sharp decline in demand for cars for its predicament.

The company currently still employs 1 600 workers, down from 7 000 before the bankruptcy.

SAPA - AP

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