VW shareholders dispute
01.12.2010
'This means that the civil proceedings are canceled,' said a court spokesman. Initially, nothing was known about the details of the agreement. A publication in the electronic Federal Gazette is planned shortly, it said.
Validity of the capital increase questioned
After VW's extraordinary general meeting, investors had a good year ago filed a legal challenge against the automaker under stock corporation law. In it they questioned the validity of the capital increase of 135 million new, non-voting preference shares that VW wanted to use to finance the gradual takeover of Porsche. The vast majority of the shareholders gave the VW management the green light for this step.
In contrast, the plaintiffs had complained that the capital increase was carried out via preference shares and thus the ordinary shareholders would be protected. The purchase price of around 3.9 billion euros for the takeover of almost half of Porsche's sports car business at the end of last year also met with criticism from some shareholder representatives.
