As we reported back in June of this year, there have been some negative consequences to Porsche Holding SE’s botched attempted takeover of Volkswagen back in 2008. Most notably, some members of Porsche management received charges involving market manipulation and misleading investors. The list of accused includes former CEO Wendelin Wiedeking, former CFO Holger Haerter, former Volkswagen Group Chair Ferdinand Piëch, and current Porsche Chairman Wolfgang Porsche.
Now, it seems that Ferdinand Piëch and Wolfgang Porsche can breathe a bit easier; Reuters reports that the market manipulation charges levelled against those two executives have been dropped.
Similar charges against Porsche Automobil Holding SE’s former CEO and CFO, however, are still being pursued. Wolfgang Porsche praised the Stuttgart prosecutor’s decision to drop charges against himself and Ferdinand Piëch, saying that Porsche “welcome[s] the decision by prosecutors and remain[s] confident that the allegation of market manipulation against former management board members will prove to be unfounded.”
According to Reuters, many investors believe that Porsche had planned a Volkswagen takeover far earlier than they’d reported publicly. The Stuttgart prosecutor’s office is investigating whether the late disclosure of Porsche’s acquisition of a 75-percent stake in Volkswagen amounts to misleading the market.