Porsche expects to win the lawsuit in which the plaintiffs seek billions of euro in damages for the company’s secret takeover of VW.
“We are optimistic regarding the outcome of the proceedings,” Martin Winterkorn, chief executive of Porsche SE and Volkswagen, said on Tuesday at the holding company’s annual general meeting.
On April 17th the hearings fro the three lawsuits stalled at a German court as the judge considered that the main 2 billion-euro case should be commissioned by a court specializing on cartel matters. The two other lawsuits were delayed until October 30th as the lawyer for the plaintiffs fell ill.
“We are taking a focused approach to the other legal dispute in order to guard Porsche SE against the alleged claims,” Winterkorn said.
The plaintiffs accuse Porsche of hiding its plans to acquire VW in 2008 and of secretly piling up its stake in Europe’s largest automaker. In March 2008 Porsche denied that it plans to take over VW and in October it announced it controlled 31.5% of the stock it had not disclosed previously. Porsche’s announcement made VW’s shares increase to 1,005 euro in several days, making the automaker the most valuable company as short-sellers hurried to buy back stock they had borrowed to bet that VW shares would fall.