SGL share issue will see VW and Voith stakes fall

FRANKFURT: Carmaker Volkswagen will not buy into a new share issue by SGL, reducing its stake in the German carbon fibre maker and allowing rival BMW more control over one of its key materials suppliers.

BMW and Susanne Klatten, one of the carmaker’s largest shareholders, will participate in the fundraising to maintain their current shareholdings, while Volkswagen (VW) and engineering group Voith will not inject cash, SGL said.