The Takeover Battle Volkswagen/Porsche: The Piëch-Porsche Clan – Family Clan Acquires a Majority Holding in Volkswagen
10 Capital Markets Law Journal 410 - 430 (2015)
22 Pages Posted: 28 Jul 2015
Date Written: July 2, 2015
Apparently, Porsche planned to take over Volkswagen (VW) — in fact, Volkswagen took over Porsche. What appeared to be a takeover, was in fact a battle for influence of the families Piëch and Porsche over Volkswagen, the biggest German enterprise. While the High Court’s decision is still pending, the takeover evolves into a thriller with a range, thus far unknown to German economic history after World War II, costing investors almost €10 billion. In spite of initial hesitation, Stuttgart’s Regional Court will initiate criminal proceedings within the next month. Evidence suggests that Porsche has planned to take over 75 per cent of VW-shares as early as 2005 which, if found to be true, would constitute an information-based market manipulation. Civil claims for damages have failed thus far. However, the chances of success will increase at the next instance.
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