Volkswagen AG now owns the entirety of the luxury sports car manufacturer Porsche, but not long ago the brand’s controlling holding – Porsche SE – attempted to gain control over the German automaker.
The resulting botched takeover resulted in many legal problems for Porsche SE, which has now said its shareholders need to be prepared if the firm would be made to give up “economic benefits” gained from the unsuccessful attempt to gain the majority control over VW. The holding may be forced to return the money if the former board of directors members – now under trial – get convicted – said the company’s quarterly report. Back in 2008, Porsche SE tried – and failed – to obtain a stake worth 75% in carmaker Volkswagen, with the shares being accumulated in stages, including through the purchase of derivatives.
According to the prosecutor’s office in Stuttgart, the hometown of Porsche, former Porsche Chief Executive Wendelin Wiedeking and his former finance chief Holger Haerter allegedly made false public statements during the period leading to the takeover attempt. They now face accusations of market manipulation. While the defendants’ lawyers deny the charges, Porsche’s quarterly brief released late last week acknowledged that a possible conviction might bring financial charges for the holding.