• Home
  • traffic
  • VW / Porsche takeover: Another million dollar lawsuit in preparation

VW / Porsche takeover: Another million dollar lawsuit in preparation

VW /Porsche takeover
Subscriptions & booklets

D he amount in dispute is, according to the lawyer Franz Braun, at least in the three-digit million range that institutional investors are demanding.

Porsche threatens billions in lawsuits from the USA

A group of US investment funds recently had the Porsche Automobil Holding and its former board members sued for opaque stock deals. They alleged more than a billion dollars in damage. A Porsche spokesman responded with the sentence: 'We have no knowledge of this lawsuit.' He had added: 'However, we would like to point out that we have always complied with current capital market law.' In addition to the company, the US funds are directly attacking the former CEO Wendelin Wiedeking and the former CFO Holger Härter.

Meanwhile, Porsche is back on track. According to the figures presented at the annual general meeting on Friday in Stuttgart, sales in the first half of the year fell by 3.1 percent year-on-year to 33,200 vehicles - but from August to the end of November the sports car manufacturer had sold a quarter fewer cars. In the first quarter it was even 40 percent less than a year earlier.

Qatar moves into Porsche

After the failed takeover attack on VW the desert state of Qatar bought ten percent of the sports car manufacturer and became the first Shareholder who does not belong to the Porsche and Piëch families. The emirate has now also secured influence on the Stuttgart supervisory board. Sheikh Jassim Bin Abdulaziz Bin Jassim Al-Thani elected to the supervisory body for four years. The sheikh takes the place of Hans-Peter Porsche, the brother of supervisory board chairman Wolfgang Porsche.

The discharge of ex-boss Wendelin Wiedeking and CFO Holger Härter was due to the public prosecutor's investigation against the manager on suspicion the market manipulation postponed. Both former board members, who had to resign in the summer of 2009, had not come to the annual general meeting.

Porsche had secured a majority in Volkswagen two years ago with difficult-to-understand share deals and at times drove the price to dizzying heights . As a Porsche in OctoberSurprisingly announced in 2008 that it would control a stake of more than 70 percent in Volkswagen through option structures, among other things, the VW share temporarily rose to around 1,000 euros - and later plummeted. In the end, Wiedeking and his CFO Härter misled the takeover, piled up a huge mountain of debt and finally had to resign at the end of July 2009. Porsche is now to be gradually integrated into the VW Group.

The allegations of price manipulation are not new. The Stuttgart public prosecutor's office and the Bafin financial supervisory authority have already followed up on them. The investigators searched the offices and private rooms of the former Porsche board members in the middle of last year.


Leave a reply

Name *