Porsche Wins Fourth German Lawsuit Dismissal Over VW BidKarin Matussek
Porsche Automobil Holding SE, facing lawsuits seeking a combined 5 billion euros ($6.7 billion) over its aborted takeover of Volkswagen AG, scored its fourth German victory in the battle.
The Braunschweig Regional Court today dismissed a suit by a private investor seeking about 132,000 euros. A ruling in a separate suit, seeking 1.3 million euros, was postponed to allow the plaintiff to comment on whether he wants to keep antitrust arguments in his suit, which would move it to another court, Presiding Judge Stefan Puhle said at a hearing.
Porsche, battling market-manipulation allegations since it disclosed in October 2008 it had access to 74.1 percent of VW, partly through cash-settled options, has been steadily adding to its win list in the dispute. The company in March won dismissal of a related 1.4 billion-euro action by hedge funds in a Stuttgart court. That case has been appealed.
“We are very happy about today’s dismissal and we’re confident with regards to the cases still pending against us,” Porsche spokesman Albrecht Bamler told reporters after the ruling. “We can only repeat: we won’t settle.”
In April, Stuttgart judges threw out criminal charges over the issue against former Porsche Chief Executive Officer Wendelin Wiedeking and ex-Chief Financial Officer Holger Haerter. Prosecutors have appealed that ruling. The Braunschweig tribunal already dismissed another two smaller civil cases in 2012.
The investors claim that Porsche misled them by denying through much of 2008 that it intended to acquire Wolfsburg, Germany-based Volkswagen. Porsche faces cases in Braunschweig, Stuttgart and Hanover. VW Chairman Ferdinand Piech and Porsche Chairman Wolfgang Porsche were also sued over the deal in a Frankfurt court for 1.8 billion euros.
Three other cases seeking 212 million euros, 1.8 billion euros and 350 million euros respectively are still pending at the Braunschweig tribunal which has scheduled a hearing for Dec. 10.
A Hanover court scheduled a hearing for Oct. 14 in a case brought by Elliot International LP and Perry Partners LP seeking 1.8 billion euros.
Today’s cases are: LG Braunschweig, 5 O 401/13 and 5 O 2433/12.