Porsche Executives Acquitted of Market Manipulation in Volkswagen Bid
18 Mars 2016 - 11:01AM
Dow Jones News
By Ilka Kopplin
STUTTGART, Germany--A court acquitted two former top executives
of Porsche SE on Friday, finding them not guilty of market
manipulation related to the company's botched 2008 takeover attempt
of Volkswagen AG.
Prosecutors had alleged the executives--former Chief Executive
Wendelin Wiedeking and ex-chief financial officer Holger
Härter--concealed their intention to gain control of Volkswagen,
then shifted strategy when the attempt went awry.
Prosecutors had sought roughly EUR800 million ($869.5 million)
in fines from Porsche and jail time for the two executives. The
judge ruled that Porsche doesn't have to pay a fine.
Under German law, prosecutors can appeal the decision, a move
that would take the case to federal court.
Write to Ilka Kopplin at ilka.kopplin@wsj.com
(END) Dow Jones Newswires
March 18, 2016 05:46 ET (09:46 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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