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German court acquits former Porsche CEO in VW takeover case

Friday, March 18, 2016 - 17:45

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A German court on Friday acquitted Wendelin Wiedeking, a former chief executive of Porsche, of alleged market manipulation in the wake of one of the auto industry's most controversial takeover battles.

[STUTTGART] A German court on Friday acquitted Wendelin Wiedeking, a former chief executive of Porsche, of alleged market manipulation in the wake of one of the auto industry's most controversial takeover battles.

In 2008, during the height of the financial crisis, Stuttgart-based sportscarmaker Porsche launched a stealth takeover attempt of much larger Volkswagen, using derivatives to help them sidestep share ownership disclosure rules.

REUTERS

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