Do you recall the failed efforts by Porsche to take over Volkswagen? According to a Bloomberg report, former Porsche CEO Wendelin Wiedeking (above) and ex-CFO Holger Haerter have finally been charged with market manipulation over the exercising of options as part of the German sportscar manufacturer's ill-fated attempt to take over the much larger VW. That failed bid eventually resulted in the reverse coming true – VW swallowing Porsche.

The charges leveled by Stuttgart prosecutors come after a three-year investigation centered around allegations that Porsche execs made a concerted effort to increase the company's share in VW to 75 percent in preparation for a hostile takeover. Porsche had previously told its investors on at least five occasions that it had no intention to buy VW.

Portions of the investigation have subsided, according to prosecutors, citing an inability to prove certain improprieties with a "necessary degree of certainty." The number of charges is down to 5 from a previous 14 counts regarding "information-based market manipulation."

For its part, Porsche has been quick to point out that the investigation centers around two men who are no longer with the company – Weideking and Haerter stepped down in July of 2009.


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  • 17 Comments
      techie69
      • 2 Years Ago
      I guess his pizza chain plans hits a snag!
      • 2 Years Ago
      [blocked]
      Lucky Vanos
      • 2 Years Ago
      That Porsche podium cost $20,000 but for the 2 screws & black Porsche lettering + the Porsche badge it skyrocketed to $90,000.
      Joris Boss
      • 2 Years Ago
      i'm commenting!
      buckfeverjohnson
      • 2 Years Ago
      I wonder why this acquisition was so important to them that they risked their freedom and their reputations.
        vrmchris
        • 2 Years Ago
        @buckfeverjohnson
        hello to all. the reason is very simple. porsche as a company is/was too small to survive on its own. they have done virtually everything through volkswagen, so the porsche/piech family decided to take over volkswagen in a hostile manner. they have money. just not that much money to do this. so, with approval from the family, mr. wiedeking and mr. haerter started buying options for volkswagen. germany has or had different laws than the u.s.a. regarding options. we are much stricter about them. this happened while things were good economically. but it crashed rather badly when the worldwide recession hit in 2007-2008. unfortunately for mr. wiedeking and mr. haerter, they are the fall guys in this matter. we will see in upcoming months the role of the porsche/piech family have in all of this. regards, vrmchris
          techie69
          • 2 Years Ago
          @vrmchris
          The only interest out of the Porsche family was Ferdinand Piech since his position in the VW group, Porsche wanted to buy VW under Porsche family directives, but they didn't know Wiediking was "secretly" working for Piech or at least VW to be the entity who was doing the takeover and he did a good job placing himself in the financial press as the one spearheading Porsche to takeover VW. All in all, Wiediking in the so-called "mafia meetings" definitely was already earmarked to amass millionths by VW had Vdub able to come out the winner.
      AronD
      • 2 Years Ago
      Is there a life sentence on the table, for a bastard that will go down in history as the man that ruinded Porsche.
      xcatchmyshadowx
      • 2 Years Ago
      it´s almost a certainty that without wiedeking Porsche would have died in the 90s. he risked his ass and saved Porsche`s bum with his own money. people should never forget that. as far as these rumors are concerned, the guy knows his business...
        techie69
        • 2 Years Ago
        @xcatchmyshadowx
        You do understand what he is charged with correct? I was impressed by his stellar wins while head of Porsche and nobody doubts his business acumen but somehow VW management compensation for the loosing suitor is very questionable. For me, the VW action of being "compelled" to remunerate him under a nice send-off paycheck as a knightly gesture in winning the takeover face-off is a Machievallian strategy by Piech which was always in the cards. Mr Wiediking his going to have to stand to the court who is calling him out for drying off Porsche funds chasing shadows instead of hitting the core of the Leverage BuyOut and thus enabling VW with the "little" money that stood in reserve to eat up Porsche. Some wonder why people risk one's freedom, schucks when you got several bills flapping in your front, even Wiediking isn't immune to think straight and just play the part of a good *****,
          vrmchris
          • 2 Years Ago
          @techie69
          hello to all. techie69, are you telling me that ferdinand piech was behind this all the while? where did you get this information? i would like to read this myself. i thought the whole while it was mostly the porsche family without ferdinand piech doing this? i have the sense that this will expose vag and not in a good way. especially financially. regards, vrmchris
      IBx27
      • 2 Years Ago
      I guess he'll have to postpone his pizza plans...
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