In the multi-billion dollar dispute over the failed VW takeover by Porsche SE in 2008, a landmark judge’s decision is to be made this Friday.
After almost five years of trial, the Higher Regional Court (OLG) in Celle wants to announce a decision in the morning. The result of this process according to the Capital Investor Model Proceedings Act (KapMug) is binding for the proceedings suspended at the Hanover Regional Court, as an OLG spokesman said.
The background to the proceedings is the attempt by today’s Volkswagen main owner, Porsche Automobil Holding, to take over the much larger VW group. In the end, Porsche SE held the majority in Volkswagen with 52.2 percent. However, the attempt to take over 75 percent of VW was called off and the Porsche sports car brand went to VW. Investors lost a lot of money due to price turbulence.
According to the OLG spokesman, these are mainly companies and other so-called legal entities. They argue they were misinformed and are suing. According to the court, the plaintiffs and those summoned have estimated the damage suffered at more than 4.9 billion euros.
In the process, there were some dampeners on the ambitions of investors. Controversial press releases from Porsche SE from back then were, according to a preliminary assessment – unlike the statements made by the plaintiff shareholders – “not grossly wrong”, said the presiding judge right at the start in 2017. A year later, the cartel senate came to the preliminary conclusion that there are no indications that the holding company would have been at risk of insolvency in 2008 had the share price remained the same.
