VOW Volkswagen AG

--Volkswagen Group has received a letter of intent from Quantum Group AG for the acquisition of Automobili Lamborghini for 7.5 billion euros ($9.16 billion), British trade magazine Autocar reports.

--The non-binding offer came in a consortium with investment firm Centricus Asset Management, while Quantum Group is also represented in the offer by Rea Stark of Piech Automotive, according to Autocar.

--Quantum Group said it would retain Lamborghini's management, ensure jobs for up to five years and create 850 new jobs if the deal goes through, Autocar reports.

--Volkswagen Group wasn't immediately available for comment.

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May 25, 2021 11:57 ET (15:57 GMT)

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