BERLIN – A court in Germany has acquitted two former top executives of Porsche of alleged market manipulation in connection with a bid to take over Volkswagen AG.
German news agency dpa reports that the Stuttgart regional court found the men not guilty Friday of market manipulation charges related to the sports car maker's failed attempt to buy VW in 2009.
Prosecutors had accused ex-CEO Wendelin Wiedeking and the company's former chief financial officer Holger Haerter of making misleading statements about the company's intentions before it moved to build up its stake in much larger Volkswagen.
Both men had rejected the charges.
Volkswagen eventually turned the tables and took over Porsche instead.