German Financial Watchdog Looking into VW, Porsche Deal
07 July 2012 - 12:47AM
Dow Jones News
By Christoph Rauwald
FRANKFURT--German financial services watchdog Bafin said Friday
it is looking into whether Volkswagen AG (VOW.XE) met all
disclosure requirements and complied with stock market rules when
it announced Wednesday that it had agreed to buy the 50.1% stake in
Porsche Automobil Holding SE's (PAH3.XE) sportscar business it
doesn't already own.
"We're looking into whether there is evidence for disclosure
rules having been breached," a spokesman for Bafin said. He said if
any evidence is found Bafin would launch a formal probe into the
matter as a next step. The spokesman said the preliminary
examination will take about two weeks.
A spokesman for Volkswagen said the German auto maker complied
with all stock market rules. "The securities trading rules are of
course the basis for our communication with capital markets," the
spokesman said, adding that Volkswagen is in touch with Bafin to
clarify all requests.
Volkswagen and Porsche hammered out a deal late Wednesday to
fully integrate Porsche's sportscar unit into VW's stable of brands
for 4.46 billion euros ($5.56 billion) in cash plus one voting
share. The companies reached an agreement on speeding up the deal
to reap more cost synergies faster.
Write to Christoph Rauwald at christoph.rauwald@dowjones.com
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