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 Hä rter—concealed their intention to gain control of Volkswagen, then shifted strategy when the attempt went awry.

Prosecutors had sought roughly €800 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 06:25 ET (10:25 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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