The Volkswagen Group will be securing remaining minority shares in Audi, which will put the brand in full control of the premium carmaker.

Speaking with Automotive News, Volkswagen AG said it had set a cash settlement to be paid to minority shareholders in return for the transfer of their shares at €1,551.53 (£1,400) per Audi AG share.

With more than 150,000 outstanding Audi shares, it’s claimed it will cost around €237m (£212 million) to complete the deal and secure the Volkswagen Group’s full control of Audi. The Group already has a 99.64 per cent share of the firm.

The history of the partnership dates back to the 1960s, when Volkswagenwerk bought Auto Union GmbH (Audi) on January 1, 1965 from then Daimler-Benz. In 1969 it was merged with another German manufacturer, NSU Motorenwerk AG – creating a new company Audi NS Auto Union, which was renamed Audi AG in 1985.

The Volkswagen Group is now the world’s largest automotive group – also owning Bentley, Bugatti, Lamborghini, Porsche, Seat and Skoda, alongside Ducati motorbikes and MAN and Scania trucks.

The full deal for the remaining 0.36 per cent share is expected to be secured in July or August at the firm’s next annual general meeting.