Porsche Offered Investment Funds Settlement To End Lawsuit -Report
19 Janvier 2012 - 12:13PM
Dow Jones News
Porsche Automobil Holding SE (PAH3.XE) has offered a group of
investment funds a low three-digit million euro sum to settle
ongoing lawsuits over alleged market manipulation, but the funds
rejected the offer as too low, monthly Manager Magazin reports
Thursday, citing company sources.
Several international investment funds have sued Porsche first
in the U.S. in 2010 and then in Germany on Dec. 31, 2011, for
allegedly cornering the market in 2008 during the German
automaker's ill-fated attempt to take over much-larger peer
Volkswagen AG (VOW.XE).
According to the report, the lawsuit in Germany was filed after
the funds rejected Porsche's settlement offer.
A spokesman for Porsche Thursday said the company generally
doesn't comment on ongoing lawsuits.
Magazine website: http://manager-magazin.de
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500.
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