German Court Rejects Investors' Damages Claims Against Porsche SE

September 30, 2022

A German court on Friday rejected claims by investors for billions of euros in damages over an attempt by Porsche SE, which ultimately failed, to take over Volkswagen.

In particular, Porsche SE's Oct. 2008 notification, in which it declared that it had already secured almost three quarters of Volkswagen through purchases and option transactions, was not grossly misleading or false, Judge Matthias Wiese said.

Porsche, through which the Porsche and Piech families hold a majority stake in Volkswagen, welcomed the ruling.

The plaintiffs, who accuse Porsche's management of concealing its true intentions at the time and sneaking up on Volkswagen in order to bring the much larger Wolfsburg-based automaker under its control, are expected to appeal.

Source: Reuters
Image source: Reuters

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