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PORSCHE'S HQ RAIDED BY PROSECUTORS

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PORSCHE'S HQ RAIDED BY PROSECUTORS

Post  A7ESK on Thu Aug 20, 2009 11:18 pm

Thursday 20th August
PORSCHE'S HQ RAIDED BY PROSECUTORS
Episode 17,864: Porsche accused of market manipulation in VW takeover bid


Forget Eastenders or Hollyoaks - there's only one soap opera with genuinely exciting drama, and that's the ever-unpredictable Porsche-VW saga.
Latest twist in the plot? Federal prosecutors in Germany have raided offices at Porsche's Stuttgart HQ. The raid, which took place on Thursday morning, is part of an investigation into alleged market manipulation of VW shares during Porsche's attempted takeover of the motoring giant.

The investigation is said to centre on former CEO Wendelin Wiedeking and former CFO Holger Haerter, who resigned last month.

Porsche has said it will cooperate with the prosecutors and denies any wrongdoing. Porsche also said in a statement: "On Thursday morning, officers from Stuttgart prosecutors entered the company's offices with search warrants. The prosecutors suspect a breach of public disclosure requirements and market manipulation."

And we thought the Germans were a serious, undramatic bunch. Seriously, if you had seen this storyline on an episode of Dallas, you'd have thought it far-fetched...

It will end in tears
Eddie King No
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A7ESK
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