Volkswagen pulls out of London Stock Exchange

By Marc Castro

Sep 27, 2013 01:03 PM EDT

The largest carmaker in Europe, Volkswagen AG, had planned to delist itself both from its ordinary and preference shares at the London Stock Exchange. The plan would be to delist by October 28 because of low trading volume. The application for delisting was submitted to the Financial Conduct Authority, as confirmed by the Wolfsburg based company through documentation filed.

According to VW spokesperson Marco Dalan, through a phone interview, said, "The trading volume is too low to justify the related administrative efforts." This confirms the exit of the company from trading at the London Stock Exchange.

VW had been undertaking efforts to reduce costs to offset shrinking demand in Germany, where new car sales have slid to an all time low. Volkswagen was able to ride out the gloom in the European car industry compared to its peers and competitors, mainly from its presence in China and revenues from brands such as Audi and Porsche.

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