VW to hike dieselgate provisions to double digit billion amount: sources

Wed Apr 20, 2016 11:00am EDT
 
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BERLIN (Reuters) - Volkswagen (VOWG_p.DE: Quote) will raise its provisions to pay for an emissions cheating scandal to a double digit billion euros amount, from 6.7 billion ($7.6 billion) euros at present, two people familiar with the matter said on Wednesday.

Regulators and prosecutors around the world are investigating Volkswagen after it admitted installing software in its cars to cheat exhaust emissions tests.

"The 6.7 billion euros will be substantially changed. For the full year it will be a double-digit billion amount," one the people, who declined to be named, said on Wednesday.

"It could be that there will be no dividend or it could be a small dividend but it will be under one euro," the source further said.

Volkswagen declined to comment.

(Reporting by Andreas Cremer; additional reporting by Jan Schwartz; Writing by Edward Taylor; Editing by Georgina Prodhan)

 
A traffic light shows red next to the Volkswagen factory in Wolfsburg, Germany, in this November 20, 2015 file photo. REUTERS/Ina Fassbender/Files