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German court acquits former Porsche CEO in VW takeover case

Published 18/03/2016, 09:20
© Reuters. File photo of Porsche SE's former CEO Wiedeking arriving for trial at court in Stuttgart
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STUTTGART, Germany (Reuters) - A German court on Friday acquitted Wendelin Wiedeking, a former chief executive of Porsche (DE:PSHG_p), of alleged market manipulation in the wake of one of the auto industry's most controversial takeover battles.

© Reuters. File photo of Porsche SE's former CEO Wiedeking arriving for trial at court in Stuttgart

In 2008, during the height of the financial crisis, Stuttgart-based sportscarmaker Porsche launched a stealth takeover attempt of much larger Volkswagen (DE:VOWG_p), using derivatives to help them sidestep share ownership disclosure rules.

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