Porsche Holding SE

The Federal Court of Justice (Bundesgerichtshof, BGH) has dismissed investors' appeals against Porsche SE in the representative proceedings over the takeover battle with Volkswagen and confirmed an earlier decision by the Higher Regional Court of Celle. The BGH found that two 2008 capital market communications by Porsche SE were not grossly incorrect or unethical and that there was no duty to disclose takeover intentions before October 2008. As a result, the damages claims asserted by plaintiffs in the stayed main proceedings, including claims of €5.4 billion, are to be dismissed. » Mere på finanzen.net

The Federal Court of Justice dismissed the appeals of around 40 plaintiffs, mostly US hedge funds, against Porsche Automobil Holding. That means claims for damages totalling €5.4 billion fail, and the pending proceedings are to be formally closed. The decision renders the representative capital investors’ proceedings final; the Porsche share briefly rose on XETRA by 1.21 percent to €45.85. » Mere på finanzen.net

According to Volkswagen documents, Porsche could cut an additional roughly 4,100 jobs because the existing savings package is insufficient. There is reportedly a gap of about €700 million in overhead costs; the plan is intended to apply in addition to existing agreements. Porsche had already announced cuts of 5,000 jobs by 2035 and 3,900 from the first Zukunftspakt, meaning nearly one in five positions would be eliminated. » Mere på t-online.de