34 Contingent liabilities

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€ million

 

Dec. 31, 2008

 

Dec. 31, 2007

Liabilities from guarantees

 

78

 

76

Liabilities from warranty contracts

 

30

 

27

Pledges on company assets
as security for third-party liabilities

 

15

 

12

Other contingent liabilities

 

642

 

369

 

 

765

 

484

In the course of the acquisition of a 100% equity interest in LeasePlan Corporation N.V., Amsterdam, and the subsequent sale of 50% of the shares to two co-investors, Volkswagen AG reached an agreement with the co-investors on put options entitling these investors to sell their shares to Volkswagen AG. On December 22, 2008, the co-investors exercised this option. The selling price is the higher of (a) the fair value of the shares as calculated using a standard valuation method and (b) the original investment by the co-investors. The parties to the agreement have started negotiations in this regard. At present, Volkswagen AG is expecting a payment obligation of approximately €1.3 billion.

The trust assets and liabilities of the savings and trust entities belonging to the South American subsidiaries not included in the consolidated balance sheet amount to €501 million (previous year: €620 million).

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