Bloomberg – Porsche Automobil Holding SE shares rose as much as 2.9 percent after a German court said the company was likely to win the first appellate case over claims the carmaker lied during its failed 2008 bid to acquire Volkswagen AG.
The Stuttgart Higher Regional Court is inclined to uphold a lower tribunal dismissal of a 1.18 billion-euro ($1.34 billion) suit filed by 19 hedge funds including Viking Global Equities LP and Glenhill Capital LP, Presiding Judge Gerhard Ruf said Thursday. The assessment is preliminary and the judges hearing the case may change their opinion after deliberations, he said.
