Porsche Automobil Holding SE (PAH3.XE) said Thursday that the plan to raise as much as EUR5 billion through a capital increase by the end of May remains unaffected by the longer-than-anticipated investigation by public prosecutors.

"We expect that the resolutions of the annual general meeting from Nov. 30, 2010, will be implemented within the planned timeframe by May 31," Porsche spokesman Albrecht Bamler said.

The German sportscar maker plans to issue new shares worth EUR5 billion to cut debt ahead of a planned merger with Volkswagen AG (VOW.XE), Europe's largest auto maker by sales.

But the prospects of the merger remain uncertain.

Late Wednesday, Porsche announced that the probability of the merger would decrease if pending legal issues can't be resolved in time, adding that recent statements by public prosecutors suggest that investigations of the German sports-car maker's former chief executive and chief financial officer won't be finalized this year.

At 0931 GMT, Porsche shares traded down EUR4.96, or 8%, at EUR56.64, while the DAX bluechip index was down 1%.

-By Christoph Rauwald, Dow Jones Newswires; +49 69 29 725 512; christoph.rauwald@dowjones.com
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