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. Last Updated: 07/27/2016

VW Takes Over Skoda

PRAGUE, Czech Republic -- The Czech government will sell its 30 percent share in the Skoda car factory to its majority owner, Volkswagen, officials said Friday.

Deputy Finance Minister Jan Mladek said a "preliminary deal" was agreed on but declined to provide more information before the sale is approved by the Cabinet on Monday.

According to Czech news reports, however, the 30 percent share will be sold for around 13 billion Czech crowns ($317 million).

The German auto giant started buying into Skoda in 1991 and increased its share to 70 percent in 1995.