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Ex-Porsche Execs Cleared of VW Share Manipulation
A regional court in Stuttgart, Germany, has acquitted former Porsche CEO Wendelin Wiedeking and Chief Financial Officer Holger Haerter of claims they manipulated Volkswagen Groupstock in a failed attempt to acquire the larger company, Bloomberg News reports.
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A regional court in Stuttgart, Germany, has acquitted former Porsche CEO Wendelin Wiedeking and Chief Financial Officer Holger Haerter of claims they manipulated Volkswagen Group stock in a failed attempt to acquire the larger company, Bloomberg News reports.
“There was no secret plan to take over VW,” declared Judge Frank Maurer in dismissing the charges. He added there was “absolutely nothing” to the allegations.
Stunned prosecutors had noted that Porsche Automobil Holding SE denied five times between March and October 2008 that it intended to take over VW. But then the holding company disclosed it had quietly purchased and used options to acquire control of 74% of VW’s shares.
The announcement drove up VW’s share price and left Porsche SE debt-ridden and unable to complete the acquisition. The holding company later sold its Porsche AG carmaking business to VW to help pay down debt.
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