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"On balance it's our view that we consider the
lawsuit, or the appeal, to be unpromising for several reasons,"
Gerhard Ruf, judge at the higher regional court in Stuttgart,
said on Thursday ahead of a hearing of the case.
"We are inclined to dismiss the case," he added.
Two dozen hedge funds, including Viking Global Investors,
Glenhill Capital and Greenlight Capital, a year ago accused
investment company Porsche SE of camouflaging a plan to acquire
Volkswagen (VW) and secretly piling up a holding in Europe's
largest automaker during 2008.
The case combining 1.36 billion euros in damage claims -- one of
several civil cases lodged at different German courts seeking
more than 5 billion euros in compensation -- was rejected by a
separate Stuttgart court.
Thursday's appeal was launched by 19 plaintiffs.
In March 2008, Porsche SE dismissed talk it intended to take
over VW, but seven months later revealed it controlled 74.1
percent of VW's common stock, just short of the 75 percent
takeover threshold.
Porsche's statement caused VW shares to surge to record highs as
short-sellers scrambled to cover their positions.
"There is no evidence whatsoever suggesting that short-sellers
were deliberately misled," said Markus Meier of law firm
Hengeler Mueller which represents Porsche.
A ruling on Thursday's appeal will be announced on March 26, the
judge said.
(Reporting by Ilona Wissenbach; Writing by Andreas Cremer;
Editing by Mark Potter)
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