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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."

Audi considers a rugged SUV — maybe on the Scout platform

Audi engineers are formulating plans to possibly build a “super saloon” luxury off-roader SUV in 2027, It would compete in a segment that now includes the Land Rover Defender and Mercedes-Benz G-Class, according to a report in BritainÂ’s Autocar. According to Audi designer Marc Lichte, quoted in the story, the platform for the new model could be borrowed from the Volkswagen GroupÂ’s recently announced sister brand, Scout Motors, which is currently developing electric-powered concepts and prototypes. While Audi has developed a PPE (Premium Platform Electric) architecture for its base EV lineup, that would be replaced in the planned model with ScoutÂ’s ladder chassis to provide the steep departure angles and ground clearance needed to negotiate tough terrain, as well as with the latest generation of AudiÂ’s Quattro four-wheel-drive technology, Autocar reports. Audi is well into development of its Activesphere project, an enticing design blend of coupe and hatchback. The Activesphere uses PPE, co-developed by Audi and Porsche, and will appear in a production Audi product by the end of this year. Audi says. Beyond that, “I think there is space" for a rugged SUV in AudiÂ’s passenger car lineup,  Lichte said. “There is potential because there are only two premium players” in this particular segment" (Mercedes-Benz and Land Rover) “and I think there is a space for a third one.” The upscale Defender was by far Land RoverÂ’s best-selling car last year, with 66,805 sold, and the G-Class set a new sales record the previous year with 41,174 moved worldwide. Audi obviously would like to capitalize on this popularity of the rugged 4x4 segment. The proposed competitor, said Lichte, “will not look like a G-Class and it will not look like a Defender, I can promise you. It will be something else."

Former Porsche boss Wiedeking won't face criminal charges over VW bid

Hedge fund managers have been suing Porsche for years now, alleging that the car company lied about its intentions during its failed attempt to take over Volkswagen, a gambit that caused them billion in losses. Over the same period, authorities in Stuttgart built a criminal case against former CEO Wendelin Wiedeking (above, left) and Chief Financial Officer Holger Härter (right), filing charges in December 2012. When those fund plaintiffs lost their most recent court case, one of the dimming lights in the dark and receding tunnel was that the criminal investigation might unearth more evidence about Porsche's actions that could help the plaintiffs in pending litigation.
Bloomberg reports that another light has gone out, though, with a Stuttgart court dismissing the market manipulation case before going to trial because, as a court spokesperson said, "there wasn't enough evidence backing up the charges." When prosecutors get the files back from the court, they have a week to decide to refile, but unless they've been sandbagging evidence that could bolster the case, the only lights at the end of the tunnel will be those welcoming Wiedeking and Härter back to the world of legally unencumbered men.