Porsche offices raided by German authorities


You know it just seemed strange when Porsche tried to acquire Volkswagen.

Seriously, how does a tiny little sports car maker buy one of the biggest car builders in the world?

Sure they are both German companies but in terms of car production and sales Volkswagen just dwarfs Porsche when you consider that Volkswagen also owns, Audi, Spanish Car maker Seat, Czech car maker Skoda and a handful of famous super car brands.

So it should probably comes as no surprise to many insiders that German authorities are now looking into the failed transaction given that Porsche now hopes to merge with VW.

The German officials raided Porshe's HQ, "alleging market manipulation and passing on inside information in their failed takeover attempt of Volkswagen," according to published report.

You may recall from this report that Porsche had recently fired longtime CEO Wendelin Wiedeking and named Michael Macht, the
man behind the Panamera and Porsche SUV projects, as his replacement. Now Wiedeking is being investigated for market manipulation and passing along insider information.

"Based on evidence provided by
BaFin, we have opened a preliminary investigation into suspected market
manipulation and unauthorized leaks of insider information," Claudia
Krauth, a spokeswoman for the prosecutor's office, recently told Bloomberg.

To add insult to injury Porsche sales in the United States have been in the toilet recently.