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Ex-Porsche CEO & CFO charged in failed VW takeover bid

 Ex-Porsche CEO & CFO charged in failed VW takeover bid
Ex Porsche SE Chief Executive Officer Wendelin Wiedeking

Pair charged with stock market manipulation

The fallout from Porsche's failed takeover of Volkswagen continues as the German government has filed charges against former CEO Wendelin Wiedeking and CFO Holger Haerter.

Prosecutors in Stuttgart allege that the pair misled investors when they said the company wasn't preparing to takeover Volkswagen in 2008. However an investigation discovered plans for a takeover were in the works as far back as February 2008, which was eight months before Porsche officially announced the move. The government points out that Porsche denied plans to takeover Volkswagen at least five times between March 10th and October 2nd of 2008. They further allege these statements adversely effected Volkswagen's stock price which is why they have filed charges for market manipulation.

Wiedeking and Haerter both deny the allegations and their lawyers issued a joint statement that said "We're astonished to note the prosecution, with this indictment, wants to side with unknown short sellers, of all people, who made highly speculative and irrational bets against the VW stock."

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Comments (9)

 techie69 techie69
I Wiedeking pizza chain ideas are going to hit a snag..oops
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December 20, 2012 10:53 am
 alihijazi alihijazi
blabla blablablabla...I don't care
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December 20, 2012 4:30 am
 Cohiba-lover06 Cohiba-lover06
Wiedeking was the man that could do no wrong in the mid-nineties of the previous century. W/o him Porsche would have joined the ranks of the has-been`s like Hispano, Horsch, Glass, D├╝senberg, Auburn etc.
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December 19, 2012 6:19 pm
 Cohiba-lover06 Cohiba-lover06
Sour grapes. Instigated by Napoleon Piech. If not for Wiedeking back then we would ask Porsche who? now.
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December 19, 2012 6:12 pm
 gooniz gooniz
they are angry that porsche was going to take over VW !!! they should be thanking Porsche since VW has one of the lowest reliability records in the car industry.
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December 19, 2012 3:47 pm