Porsche has received a new lawsuit connected with the 2008 attempt to take over VW.
The 213-million-euro ($275 million) claim was requested by HWO, a firm connected to the family of Adolf Merckle, a deceased industrialist. The suit was filed in Braunschweig, northern Germany, where the automaker already face 4-billion-euro damage claims from investor lawsuits over the same issue.
In January 2009 billionaire Adolf Merckle committed suicide after he lost his entire business, including stakes in drug wholesaler Phoenix Pharmahandel and HeidelbergCement, following a drop in the value of HeidelbergCement stock, increasing debt and bets on VW. Merckle’s family sought damages from Porsche, but the automaker refused to pay.
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.
In October 2008, when Porsche declared its stake, VW’s shares increased to 1,005 euro in just a matter of days, making the German automaker the most valuable company in the world and short-sellers such as Merckle hurried to buy back stock thy had borrowed an invest in VW.