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Former Porsche CEO Wiedeking indicted over VW takeover bid

Do you recall the failed efforts by Porsche to take over Volkswagen? According to a Bloomberg report, former Porsche CEO Wendelin Wiedeking (above) and ex-CFO Holger Haerter have finally been charged with market manipulation over the exercising of options as part of the German sportscar manufacturer's ill-fated attempt to take over the much larger VW. That failed bid eventually resulted in the reverse coming true - VW swallowing Porsche.
The charges leveled by Stuttgart prosecutors come after a three-year investigation centered around allegations that Porsche execs made a concerted effort to increase the company's share in VW to 75 percent in preparation for a hostile takeover. Porsche had previously told its investors on at least five occasions that it had no intention to buy VW.
Portions of the investigation have subsided, according to prosecutors, citing an inability to prove certain improprieties with a "necessary degree of certainty." The number of charges is down to 5 from a previous 14 counts regarding "information-based market manipulation."

VW's credit ratings could take a beating

In addition to a significant drop in its share price already, Volkswagen's diesel emissions scandal is continuing to have major financial repercussions on the German automaker. According to The Detroit News, credit rating agencies like Standard & Poor's and Moody's changed their forecasts on the company to negative, and Fitch has considered doing so, as well. Volkswagen appears to have the money to cover the costs of this ordeal, but the agencies question the effect that this has in the long term. "Moody's concern, however, is that Volkswagen's alleged breach of US environment rules and, especially, the process by which that breach occurred, will have an adverse effect on its reputation and credibility within the global passenger car markets," the company wrote in a note to investors, according to The Detroit News. VW has initially set aside $7.25 billion to fix things, but the potential shakeup of top executives has caused some investor uncertainty, too. The actual costs for VW to deal with this scandal are still unknown. In the US, the Department of Justice has begun a criminal investigation, and with other automakers the government has settled for $900 million against General Motors and $1.2 billion against Toyota. Attorneys general in 29 states have started looking deeper, according to The Detroit News, and regulators in Europe, South Korea, and Canada have commenced their own probes, as well. Related Video:

2015 Volkswagen Touareg TDI Quick Spin [w/video]

There are two particularly great things about diesel-powered cars: torque and range. The 2015 Volkswagen Touareg TDI has both in spades. We put 190 miles on our test car, and upon return, the computer claimed we still had 490 miles to go. We weren't even averaging the EPA-estimaged 29 miles per gallon highway. Plus, that's in a sport-utility vehicle with tons of room and a whopping 406 pound-feet of torque. That said, our most recent adventure with the Touareg wasn't totally positive. This thing feels decidedly long in the tooth, despite a 2014 refresh. Driving Notes The Touareg TDI's powertrain really is the star of the show. The 3.0-liter, turbodiesel V6 has been in service since 2009, but it's still a dynamite engine. With 240 horsepower and 406 pound-feet of torque, the latter of which can be called upon at just 2,000 rpm, there's no shortage of thrust under your right foot. Turbo lag is an issue when you get aggressive with the throttle, but don't drive like a boob and you'll be fine. ZF's critically acclaimed eight-speed automatic delivers that power to all four wheels. But where other ZF-equipped vehicles deliver a crisper, sharper character, the TDI's trans is tuned for a far more relaxed driving experience. Upshifts are leisurely; the eight-speed keeps you right in the thick of the Touareg's broad torque curve. The suspension tuning follows a similar philosophy. It's far more comfortable than dynamic, soaking up all manner of bumps and general imperfections with aplomb. That said, the Touareg does not feel floaty or disconnected – just smooth. The greasy bits of the Touareg are very desirable, but the package they're wrapped in is less so. It's not that the interior or exterior designs are necessarily bad – fans of Earth tones will love our tester's Black Oak Brown Metallic paint and Cornsilk Beige interior – they're just kind of bland, or anonymous. The switchgear and buttons come from the Volkswagen parts bin, and while they're fine on a $20,000 Golf, these pieces aren't as appropriate in a vehicle that starts at more than twice the price. The dash plastics and faux wood don't look as nice as what's inside an Acura MDX, or even a Jeep Grand Cherokee. This mid-level Touareg TDI Lux starts at $57,580.