BERLIN (Bloomberg) -- Porsche Automobil Holding SE won dismissal of minority investor suits seeking to invalidate the 2009 supervisory board election and other decisions taken at that year's shareholder meeting.
The suit centered around the 143.5 million euros ($177.4 million) in salary Porsche's management board received in the fiscal year ending in July 2008. About 139.5 million euros of the amount was linked to options on Volkswagen AG shares that Porsche had built up that year during a failed takeover attempt.
The shareholder meeting took place in January 2009, before Porsche's takeover bid, led by former CEO Wendelin Wiedeking, was abandoned.
After the unsuccessful takeover attempt, Volkswagen agreed to merge in August with the 911 sports car maker. Porsche's debt had tripled to more than 10 billion euros following the failed bid to buy Volkswagen.
The Stuttgart Regional Court in Germany rejected the bid that also targeted decisions discharging directors from liability for the 2008 fiscal year, claiming they approved illegally high compensation for the management board, the court said.
“Porsche's position was backed in full,” company spokesman Frank Gaube said Friday after the ruling was disclosed.
Under German law, minority shareholders can ask court's to invalidate decisions taken at annual meetings if the decision was taken contrary to applicable rules including procedural issues, such as proper invitations to the meeting.