BaFin, the German markets regulator, passed its investigation regarding Porsche to prosecutors in Stuttgart.
BaFin investigated whether Porsche violated disclosure rules when it decided in July to inform shareholders about selling its sports car business to VW. BaFin investigated the automaker for market manipulation and gave its findings to prosecutors in Stuttgart, who are already working on another case about market manipulation by the company’s former management.
BaFin reported it had found nothing wrong with the regulatory filling released on July 4th, which informed shareholders that Volkswagen is about to complete the purchase of Porsche. VW bought the rest of 50.1% stake in Porsche for 4.5 billion euro ($5.8 billion), finally concluding the complete merge of the two companies. Due to investor lawsuits and tax complications a merge between VW and Porsche couldn’t be made possible in 2011.
Volkswagen and Porsche firstly agreed to tie-up in August 2009, and in December 2009 VW bought 49.9% in the sports car maker for 3.9 billion euro. But the tie-up plans were dropped in 2011 due to German and US investor lawsuits that accused Porsche of amassing VW shares, causing short-sellers losses of billions.