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Volkswagen shares gain on word of planned US settlement

Associated Press logo Associated Press 11/01/2017
FILE - In this Feb. 14, 2013, file photo, the Volkswagen logo is seen on the grill of a Volkswagen on display in Pittsburgh. The imminent criminal plea deal between Volkswagen and U.S. prosecutors in an emissions-cheating scandal could be bad news for one group of people: VW employees who had a role in the deceit or subsequent cover-up. VW on Tuesday, Jan. 10, 2017, disclosed that it is in advanced talks to settle the criminal case by pleading guilty to unspecified charges and paying $4.3 billion in criminal and civil fines, a sum far larger than any recent case involving the auto industry. (AP Photo/Gene J. Puskar, File) © The Associated Press FILE - In this Feb. 14, 2013, file photo, the Volkswagen logo is seen on the grill of a Volkswagen on display in Pittsburgh. The imminent criminal plea deal between Volkswagen and U.S. prosecutors in an emissions-cheating scandal could be bad news for one group of people: VW employees who had a role in the deceit or subsequent cover-up. VW on Tuesday, Jan. 10, 2017, disclosed that it is in advanced talks to settle the criminal case by pleading guilty to unspecified charges and paying $4.3 billion in criminal and civil fines, a sum far larger than any recent case involving the auto industry. (AP Photo/Gene J. Puskar, File)

BERLIN — Shares in Volkswagen are making solid gains after the German automaker said that it's in advanced talks with U.S. authorities on a settlement in its diesel emissions scandal.

Volkswagen shares were up 3.9 percent on the day at 151.80 euros ($160.68) in early-afternoon Frankfurt trading Wednesday.

The company said Tuesday night that a draft settlement with the U.S. Department of Justice and U.S. Customs and Border Protection would see Volkswagen pay $4.3 billion in criminal and civil fines. It said that its management and directors would consider the settlement "in the very short term."

The automaker said the settlement is expected to incur a cost "that exceeds the current provisions."

Volkswagen already reached a $15 billion civil settlement with environmental authorities and car owners in the U.S.

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