Volkswagen Recalls Millions of Cars Over Steering Defect

Volkswagen and its Audi brand are recalling millions of vehicles worldwide because of a steering defect. Reports put the figure between roughly 2.1 million and 4 million cars, including models from the Czech brand Skoda. Nearly 1 million of the affected vehicles are in Germany.

The recall is one of the largest in the company's recent history. Separately, German chemicals company BASF has approached rival Evonik about a possible takeover, according to reports, which sent Evonik's share price higher.