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Former Porsche CEO Wiedeking indicted over VW takeover bid

Do you recall the failed efforts by Porsche to take over Volkswagen? According to a Bloomberg report, former Porsche CEO Wendelin Wiedeking (above) and ex-CFO Holger Haerter have finally been charged with market manipulation over the exercising of options as part of the German sportscar manufacturer's ill-fated attempt to take over the much larger VW. That failed bid eventually resulted in the reverse coming true - VW swallowing Porsche.
The charges leveled by Stuttgart prosecutors come after a three-year investigation centered around allegations that Porsche execs made a concerted effort to increase the company's share in VW to 75 percent in preparation for a hostile takeover. Porsche had previously told its investors on at least five occasions that it had no intention to buy VW.
Portions of the investigation have subsided, according to prosecutors, citing an inability to prove certain improprieties with a "necessary degree of certainty." The number of charges is down to 5 from a previous 14 counts regarding "information-based market manipulation."

Scott Pruitt unfiltered: EPA administrator talks climate science, car emissions

U.S. Environmental Protection Agency Administrator Scott Pruitt gave Reuters a wide-ranging interview on Monday at his office in Washington, discussing issues from climate science to automobile emissions. The following is a full transcript of the interview: REUTERS: You have said the EPA will focus on a "Back to Basics" approach under your leadership. What does this mean for how EPA enforces polluters? You have been critical of the idea of regulation by enforcement. PRUITT: I think what I'm speaking about, there is a consent decree approach to enforcement, where you use judicial proceedings to actually engage in regulation. Enforcement should be about existing regulations that you're actually enforcing against someone who may be violating that, very much in the prosecutorial manner. As attorney general [in Oklahoma], I lived that. There was a grand jury that I led. Being a prosecutor, I understand very much the importance of prioritization, of enforcing the rule of law, of addressing bad actors. That's something we are going to do in a meaningful way across the broad spectrum of cases, whether it is in the office of air or the Superfund area, or otherwise. REUTERS: Do you want to see states play a bigger role in enforcing polluters, even though some have less of a capacity to do so – financially and personnel wise? PRUITT: I think the state's role is really, when you look at this office working with states, it should be how do we assist, how do we engage in compliance and assistance with states. The office [at EPA that deals with enforcement] is called OECA, the Office of Enforcement, Compliance and Assistance, so those are the tools we have in the toolbox to achieve better outcomes. So what we ought to be doing is working proactively with state DEQs [Departments of Environmental Quality] to get their state implementation plans [for federal regulations] timely submitted, provide assistance and technical support, drive a draft of state implementation plans, and then actually work with them on how to achieve through those plans better outcomes and air and water quality. As far as enforcement is concerned, we will actually work with states. We actually did that recently with Colorado. There was an oil and gas company that was emitting some 3,000 tons, is that what it was, it was quite a bit of ... it was an ozone case. In any event, we joined with Colorado in that prosecution. So sometimes states will do it, sometimes we will join with them.

Vahland leaving VW over dispute on how to run NA region

On November 1, Winfried Vahland was supposed to take over Volkswagen Group's recently created North American region that combines Canada, the US, and Mexico. But the longtime exec has instead decided to leave the automaker after a dispute over how to manage the new combined region. Vahland is currently the boss at Skoda, and in a statement about his departure the Czech company said: "Differing views on the organization of the new Group region have led to this decision; this decision is expressly not related to current events on the issue of diesel engines." Vahland is leaving at his own request, the announcement says. Vahland was appointed to run to North American region during VW's massive corporate shakeup on September 25. The decision was part of the automaker's plan to put a greater emphasis on regions and brands, rather than on centralized authority. According to Automotive News Europe citing a report from Germany's Auto Bild, Vahland was passed over for the CEO job, with Matthias Muller taking that position. Amidst the changes, Michael Horn remained at the helm of Volkswagen Group of America, reporting to the new regional boss. Vahland joined the automaker in 1990 and started running VW's operations in China in 2005. He became boss at Skoda in 2010. "In the last 25 years, Prof. Vahland made a great contribution to the company. We respect his decision and thank him for his exceptional performance," Muller said in the departure announcement. Prof. Dr. Winfried Vahland leaves Volkswagen Group 14.10.2015 Prof. Dr. Winfried Vahland leaves Volkswagen Group Mlada Boleslav, 14 October 2015 – After 25 years of successful work in Volkswagen Group, most recently as Chairman of SKODA, Prof. Dr. Winfried Vahland is leaving the company at his own request. Prof. Vahland will therefore not be taking up the position of overall responsibility for the North American Region (NAR). Differing views on the organisation of the new Group region have led to this decision; this decision is expressly not related to current events on the issue of diesel engines. Prof. Vahland began his work in Volkswagen Group in 1990. After holding several key positions at home and abroad, he took over Group responsibility as President and CEO of Volkswagen in China in 2005 and contributed significantly to the successful new direction of Volkswagen in China. He was appointed Chairman of the Board of Management of SKODA in 2010.