TIMELINE-Porsche's pursuit of Volkswagen
Mon Jan 3, 2011 9:42am EST
Jan. 25, 2010 - A group of investment funds sue Porsche SE and two of its former top executives accusing them of fraud in a "short squeeze" that caused the funds to lose more than $1 billion from Porsche's attempted takeover of Volkswagen AG (VOWG_p.DE) in 2008.
March 25 - Volkswagen says it will raise net proceeds of about 4.1 billion euros after issuing 64.9 million new preferred shares at a price of 65 euros each in its rights issue.
April 29 - Elliott Associates, L.P. says securities fraud and manipulation lawsuit against Porsche SE expands to more than $2 billion in losses and says 18 investment funds have joined the lawsuit against Porsche SE.
July 29 - Volkswagen CFO says Porsche sees lawsuits without merit so 2011 timetable for Porsche SE integration remains.
- Volkswagen CFO says Porsche SE preferred shareholders will receive Volkswagen preferred shares in 2011 integration.
Oct. 19 - Financially troubled auto holding Porsche SE says it may not be absorbed into Volkswagen by the end of 2011, as planned, due to some unresolved legal and tax issues related to the deal, the chief executive of both companies says.
Nov. 30 - Porsche CEO says there are tax risks of 1-2 billion euros related to any merger with Volkswagen before 2014.
Dec. 30 - A U.S. federal judge dismisses a lawsuit by 10 hedge fund groups accusing German automaker Porsche of cornering the market in shares of Volkswagen, resulting in more than $2 billion of damages.
(Compiled by Michelle Martin in Frankfurt)
BMFL<OE
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