Business

German Prosecutors Raid Porsche Headquarters

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Federal prosecutors in Germany were searching for evidence that the luxury carmaker manipulated the market in its failed bid to acquire Volkswagen. It's the latest twist in the battle between the rival automakers who have been trying to take each other over.

RENEE MONTAGNE, host:

NPR's business news starts with turmoil at Porsche.

(Soundbite of music)

MONTAGNE: Federal prosecutors in Germany raided Porsche's headquarters yesterday. They were searching for evidence that the luxury carmaker manipulated the market in its failed bid to acquire Volkswagen. It's the latest twist in the battle between the rival automakers who've been trying to gobble each other up. First, the smaller Porsche tried to take over the much larger Volkswagen and seemed on the verge of success. But Porsche was overloaded with debt and the deal collapsed. Then in a turnaround Volkswagen did the taking over. It plans to swallow up the nearly bankrupt Porsche, though the deal is not expected to be completed until 2011.

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