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The
Japanese automaker said it will repurchase on Thursday as many
as 122.77 million shares at Wednesday's closing price of
3,842.50 yen per share for up to 471.74 billion yen ($3.9
billion) via the Tokyo Stock Exchange's off-hours trading system
before the market open.
Suzuki did not say what it planned to do with the stock. U.S.
hedge fund manager Daniel Loeb, whose Third Point LLC holds a
stake in Suzuki, has urged the Japanese company to cancel the
shares that it repurchases.
Loeb, after the arbitration court ruling on Aug. 30, also said
Suzuki should focus on improving value for existing
shareholders.
Suzuki and Volkswagen agreed to tie up in December 2009,
pledging to cooperate on technology and on expanding in emerging
economies, but the alliance soon faltered. Suzuki filed for
arbitration in November 2011.
(Reporting by Chris Gallagher; Editing by Muralikumar
Anantharaman)
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