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Article updated: 12/19/2012 6:34 AM

German prosecutors charge ex-Porsche chiefs German prosecutors charge ex-Porsche chiefs

German prosecutors have charged two former Porsche executives with market manipulation in connection with the sports car company’s failed takeover of Volkwagen AG.

German prosecutors have charged two former Porsche executives with market manipulation in connection with the sports car company's failed takeover of Volkwagen AG.

 

Associated Press

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By Associated Press

BERLIN -- German prosecutors have charged two former Porsche executives with market manipulation in connection with the sports car company's failed takeover of Volkwagen AG.

Prosecutors in Porsche's home city of Stuttgart say former chief executive Wendelin Wiedeking and ex-chief financial officer Holger Haerter made misleading statements about the company's intentions in 2008.

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A statement issued by prosecutors Wednesday accuses the pair of denying up until Oct. 2008 their intention to increase Porsche's stake in VW despite having decided to do so six months earlier.

They say the denials caused VW's share price to drop at a time when Porsche was secretly preparing to buy stock in Europe's largest automobile maker.

Porsche's bid for Volkswagen failed, and VW eventually turned the tables to take over Porsche instead.

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