Thursday 28th January 2010

Porsche Sued For $1bn Over VW Takeover Bid

American hedge fund managers claim Porsche deliberately misled investors

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US hedge fund managers are suing Porsche for £620 million, claiming the German sports car maker lied about its plans to mount a takeover of VW.

Porsche, which is being sued alongside former CEO Wendelin Wiedeking and ex-finance boss Holger Haerter, has been accused of misleading investors about its intentions for VW.

Porsche revealed in 2008 that it had built up a 75 per cent shareholding in VW, an announcement that briefly sent VW shares skyrocketing.

The hedge fund managers are claiming that Porsche manipulated the market and committed securities fraud.

"Specifically, Porsche cornered the market in VW shares with false denials of its intent to take over VW" says the lawsuit, "and by engaging in a series of manipulative derivatives trades to hide the extent to which Porsche controlled VW shares".

Porsche denies the accusations, a spokesmen telling Sky News that the company has "always abided by current capital markets law".

[malaccamax]

http://www.pistonheads.co.uk/gassing/topic.asp?h=0...
Beaten! Soundly beaten

[Fire99]

Porsche seem to have gone from motoring 'darlings' to motoring 'having a bad day' rather spectacularly.

[gumsie]

I've lost track, (and interest), over what happens between these two.

[PPPPPP]

gumsie said:

I've lost track, (and interest), over what happens between these two.

All rather incestuous.

[Fire99]

PPPPPP said:

gumsie said:

I've lost track, (and interest), over what happens between these two.

All rather incestuous.

So that's why the kids all look a bit funny and the same.

[Garlick]

malaccamax said:

http://www.pistonheads.co.uk/gassing/topic.asp?h=0...
Beaten! Soundly beaten

Indeed, but the home page reaches a different crowd to the forums and we also send out an RSS feed/ Twitter from there too so it's worth us running it.

You make a fair point though.

[soad]

Can't see that i'm surprised, we'll see what happens. It's going to be costly...

That Porsche 911 photo looks lovely by the way.

[AKA Nemo]

VW ,Porsche all run by the same family anyway

[Caractacus]

Fire99 said:

PPPPPP said:

gumsie said:

I've lost track, (and interest), over what happens between these two.

All rather incestuous.

So that's why the kids all look a bit funny and the same.

Incest - a game the whole family can play!

Sorry...

[Dagnut]

Garlick said:

malaccamax said:

http://www.pistonheads.co.uk/gassing/topic.asp?h=0...
Beaten! Soundly beaten

Indeed, but the home page reaches a different crowd to the forums and we also send out an RSS feed/ Twitter from there too so it's worth us running it.

You make a fair point though.

Spot on there I only use pistonheads as a "car magazine" don't bother with the forums only comment on news stories and articles..this is news to me.

[monkeyfingers]

who are they run by Josef Fritzel!

[zakelwe]

Quite right too, they cheated the markets and deserve to get punished for it.

It was a cheat pure and simple, the problem was Porsche was a great car company who became a financial company obsessed with making money that way, hence why they could do massive profits without selling that many cars.

Andy

[Caractacus]

zakelwe said:

Quite right too, they cheated the markets and deserve to get punished for it.

It was a cheat pure and simple, the problem was Porsche was a great car company who became a financial company obsessed with making money that way, hence why they could do massive profits without selling that many cars.

Andy

Pah, it'll never stick.

[turbouberman]

im utterly shocked by this story. i honestly cant believe it. some americans are sueing somebody??!!!

[deadslow]

Porsche did the hedge funds at their own game and gave them a right pasting. Good for them!

It would presumably be inconceivable for a city-boy hedge fund manager to manipulate a market for immense personal gain. Har har. Suck it up.

[Lord Flathead]

PorscheWagen - The Peoples' Scandal

[Joe911]

deadslow said:

Porsche did the hedge funds at their own game and gave them a right pasting. Good for them!

It would presumably be inconceivable for a city-boy hedge fund manager to manipulate a market for immense personal gain. Har har. Suck it up.

Some hedge fund folks will be dodgy. As will some bankers, some car dealers, some greengrocers, and all estate agents. Is it really fair to dismiss all hedge funds as bent, just because some are?

[PPPPPP]

Joe911 said:

Some hedge fund folks will be dodgy.

You called Sir.

http://www.guardian.co.uk/business/2010/jan/25/bla...

[A Scotsman]

Who cares what a hedge fund thinks. They are even more socially useless than the banks.

[dandarez]

deadslow said:

Porsche did the hedge funds at their own game and gave them a right pasting. Good for them!

It would presumably be inconceivable for a city-boy hedge fund manager to manipulate a market for immense personal gain. Har har. Suck it up.

+1

hold on... + half the planet!

Hedge Fund managers can jump in the ...
well, hedge
(bramble, preferably... or any really with razor sharp thorns).