Porsche Abandons Plans For Listing On NYSE

By Agence France-Presse Porsche, the German maker of luxury sports cars, said Oct. 16 it had decided to shelve plans for a listing on the New York Stock Exchange in view of new U.S. listing rules that hold executives personally responsible for their companies' accounts. "The idea [of listing on the NYSE] certainly had its attractions for us," Porsche Chairman Wendelin Wiedeking said. "However, we came to the conclusion that a listing in New York would not bring many advantages to us or our shareholders. At the same time, it would require a great deal more time and energy on our part [in view of the new regulations which required company executives to personally vouch for their companies' accounts.]" "This requirement does not fit in with the legal position in Germany," Wiedeking added. Copyright Agence France-Presse, 2002