Porsche won dismissal of investor lawsuits seeking to stop Vw merger

Article by Christian A., on November 21, 2010

Porsche Automobil Holding SE won dismissal of investor lawsuits that sought to overturn rulings made at a 2009 shareholder meeting during the carmaker's bid to take over Volkswagen AG.

Company spokesman Albrech Bamier says the Company welcomes the ruling.

The plaintiffs said that Porsche's management should have answered questions they asked at the meeting about the strategy leading up to an October 2008 proclamation that it controlled 42.6 percent of VW shares and had so-called cash-settled options for another 31.5 percent.

The Stuttgart Higher Regional Court in Germany denied the motion by two minority shareholders, who also targeted rulings discharging directors from liability for the 2008 fiscal year, affirming a lower tribunal's May 28 ruling in favor of Porsche.

Porsche's botched takeover bid led to CEO Wendelin Wiedeking's ousting in July 2009 and regulatory lawsuits and investigations in the United States and Germany.

In August 2009, VW agreed to merge with Porsche after the latter's debt tripled to more than EUR10 billion ($13.5 billion). [via autonews - sub. required]

Topics: vw, porsche, lawsuit

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