Monday, May 13, 2013

Porsche Sued by Funds for $1.8 Billion

Bloomberg reports that Porsche Automobil Holding SE, already facing suits seeking a combined 4 billion euros ($5.2 billion) linked to the carmaker’s aborted takeover of Volkswagen AG, was sued by more hedge funds in Germany.  The plaintiffs, including Viking Global Equities LP, Glenhill Capital LP and David Einhorn’s Greenlight Capital Inc., are seeking 1.4 billion euros ($1.8 billion), Bernhard Schabel, a spokesman for the Stuttgart Regional Court, said in an interview today. Porsche shares fell as much as 3.7 percent.

Viking, Glenhill and Greenlight were among the funds suing Porsche in New York state court over the carmaker’s use of options in its failed 2008 bid to takeover Volkswagen. At the beginning of the year, hedge funds agreed not to pursue further appeals in New York and Porsche granted them a 90-day period to sue in Germany instead…..

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