Wendelin Wiedeking, not having a good year
The former two top executives of Porsche are under investigation on suspicion of insider trading. Porsche, which tried to take over Europe’s biggest carmaker VW, said prosecutors had searched its Stuttgart offices and seized documents
Stuttgart Prosecutors and Germany’s securities watchdog, BaFin, said they were examining what they say is evidence that former chief executive Wendelin Wiedeking and chief financial officer Holger Härter, manipulated the market in connection with Porsche’s failed attempt to acquire VW. Porsche denied allegations of violations of disclosure rules and market manipulation. It said it was cooperating fully with authorities.
Takeover Collapse
Wiedeking had opposed selling Porsche’s automotive unit to VW. Instead he accumulated Volkswagen shares, raising Porsche’s stake to more than 50 percent and taking options on an additional 20 percent.
The former CEO’s actions boosted Porsche’s debt to 10 billion euros ($14.2 billion), forcing him to turn to the company’s family owners, the Pieches and Porsches, for capital and to court Qatar for an investment. Wiedeking was fired in July.
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