Former Porsche CEO Wendelin Wiedeking indicted over failed Volkswagen takeover attempt
So the VW and Porsche saga gets yet another chapter. As you may remember, Porsche tried to take over Volkswagen but in their attempt spread themselves a bit too thin. This allowed VW to swallow up Porsche and not the other way around. There were also accusations of manipulating stock prices and investor's funds which were used in the takeover bid. This is something that stood in the way of the VW acquiring Porsche earlier this year as investor's who lost their money were quite angry with Porsche preparing a lawsuit seeing $3.2 billion
Well, it seems the legal route is going forward as former Porsche CEO Wendelin Wiedeking and ex-CFO Holger Haerter have been indicted and charged with market manipulation. Authorities decided to proceed after a 3-year investigation into the incidents leading up to the takeover. Porsche is attempting to distance itself from these two men essentially saying it's their fault and they are on their own.