VW denies plans for luxury division

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WOLFSBURG--Volkswagen here refuses to comment on rumors it's setting up a new division to house luxury brands Lamborghini, Audi, Bugatti, Rolls Royce and Bentley. Press reports suggest former BMW Chairman-CEO Bernd Pichetsrieder, who joined VW on July 1, will head the division in an attempt to bring cohesion to its luxury brands. Sources close to VW in Germany say the rumors are false.

Copyright July 2000, Crain Communications Inc.

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