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Porsche Wins Another Court Ruling Over VW Takeover Bid
A regional court in Stuttgart has dismissed a €1.4 billion lawsuit brought by 23 hedge funds claiming that Porsche Automobil Holdings SE lied about its plan in 2008 to acquire Volkswagen AG.
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A regional court in Stuttgart has dismissed a €1.4 billion lawsuit brought by 23 hedge funds claiming that Porsche Automobil Holdings SE lied about its plan in 2008 to acquire Volkswagen AG.
The ruling is the third in Germany to reject similar claims. Hedge funds, who had bet VW's shares would drop, lost heavily when the price surged instead after Porsche disclosed it had acquired control of 74% of the larger company.
Several other cases are pending, including criminal charges against former Porsche SE CEO Wendellin Wiedeking and former CFO Holger Haerter. But analysts say Porsche's victories may indicate more difficult challenges ahead for other plaintiffs.
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