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
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…..
Read all about it at http://www.sfgate.com/business/bloomberg/article/Porsche-Sued-by-Hedge-Funds-for-1-8-Billion-Over-4510737.php