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Porsche-VW takeover - billions demanded by VW: claims for damages also against VW

Porsche-VW takeover - billions from VW required
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D as said lawyer Franz Braun the 'Spiegel'. Now the law firm wants to expand its claims to VW.

VW has also deceived investors

'We will register claims for damages of 2.4 billion euros against the VW Group,' said Braun. It was not only Porsche who misled investors when the company denied aiming for a 75 percent majority during the planned VW takeover by October 26, 2008. The VW group is also responsible for this. Both the then Porsche boss Wendelin Wiedeking and Porsche co-owner Ferdinand Piƫch were members of the VW supervisory board at that time - their knowledge can therefore also be attributed to the Wolfsburg group.

According to Section 15 of the Securities Trading Act, a company is obliged To 'publish immediately' inside information that is of immediate concern. According to the lawyer, VW should have announced that Porsche wanted to acquire a 75 percent majority. It remains to be seen whether claims for damages can be derived from this.

The Stuttgart public prosecutor is currently investigating the case. Among other things, she wants to determine whether Porsche was already pursuing the plan to take over the majority before October 26, 2008.

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