German court dismisses hedge funds' suit against Porsche

Stuttgart

A GERMAN court has dismissed claims brought against investment company Porsche SE by hedge funds seeking 1.2 billion euros (S$1.8 billion) in damages over its botched attempt to take over carmaker Volkswagen in 2008.

Two dozen hedge funds, including Viking Global Investors, Glenhill Capital and Greenlight Capital, last year accused Porsche SE of wrongly concealing a plan to acquire Volkswagen in 2008, when in fact it controlled share options which gave it an effective majority stake in Europe's largest carmaker.