Germany, August 21: It rather came as a surprise when sports car maker tried to take over Volkswagen as Volkswagen owns many other high profile batches as Audi, Spanish Car maker Seat, Czech car maker Skoda and a handful of famous super car brands.
German authorities are now looking into the failed transaction given that Porsche now hopes to merge with Volkswagen.
Porsche offices were raided by the German officials. According to a published report, “Alleging market manipulation and passing on inside information in their failed takeover attempt of Volkswagen.”
The report also tells about CEO Wendelin Wiedeking who was recently fired and the man who is behind the Panamera and Porsche Cayenne, Michael Macht has been replaced. Wiedeking is being investigated for market manipulation and passing along insider information.
A first round investigation has been put into the scene for market manipulation and unauthorized leaks.
—Agencies