Germany Widens Porsche Probe

Porsche Automobil Holding SE tells Bloomberg News that German prosecutors are investigating the role of the company's supervisory board in Porsche's failed bid to take over Volkswagen AG in 2008.

Porsche did not say whether prosecutors had targeted individuals on the board.

In December German authorities charged former Porsche CEO Wendelin Wiedeking and ex-CFO Holger Haerter with market manipulation in connection with the scheme. Prosecutors allege that the duo was amassing a 75% VW holding for Porsche even as the company denied plans to boost its ownership in the larger automaker.

The takeover plan failed, and Wiedeking and Haerter were fired in 2009.

Porsche also is being sued in Germany by shareholders who claim they lost heavily when the company disclosed its control of VW. Last week Porsche won an agreement with U.S. hedge funds to drop a lawsuit in New York state court.

The company has denied all civil and criminal charges.