Porsche Executives Sued Over Attempted Volkswagen Takeover
Top-level Porsche executives are being sued for misleading markets in its attempted Volkswagen takeover in 2008.
Chairman Wolfgang Porsche and board member Ferdinand Piech could owe seven hedge funds over $2.4 billion if the lawsuit is successful. The German automaker denied rumors of plans to take over Volkswagen initially, and investors betted against existing Volkswagen shares, expecting a drop in the absence of a Porsche bid.
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Once it was discovered that Porsche had positions on 74 percent of Volkswagen’s shares, investors rushed to purchase Volkswagen stock. But Porsche never raised the funds to purchase the 75-percent stake it needed to take over Volkswagen.
In 2012, Volkswagen acquires the remaining 50.1 percent of Porsche shares after buying a 49.9-percent take in the company in 2009.
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[Source: AutoExpress]
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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LOL so Porsche almost bought VAG, but then VAG finished it's takeover of Porsche? How often do 2 companies almost buy each other out at the same time?