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Porsche sues Deutsche Boerse
FRANKFURT, Germany (Reuters) -- Auto manufacturer Porsche on Monday sued Germany's Deutsche Boerse as part of its ongoing effort to get its stock listed on a major blue-chip index despite a refusal to release results quarterly. The world's most profitable car company said its suit aimed to force the Frankfurt stock market operator to admit Porsche stock to the bourse's high-transparency segment, the Prime Standard, restricted to companies reporting every quarter. Porsche currently reports its results on a half-yearly basis. Belonging to the Prime Standard is Deutsche Boerse's prerequisite to list companies on the blue-chip DAX index or the mid-cap segment MDAX. "The aim is to be admitted to the Prime Standard segment without quarterly reports," Stuttgart-based Porsche said in a statement. No one at Porsche was available for further comment. Porsche has long been a vocal critic of quarterly reporting, saying it was of no benefit to investors while forcing companies to take short-term perspective on business strategy. The company, whose stock has for years been a stellar performer, was forced to leave the MDAX index two years ago over its refusal to publish results every quarter. Some institutional investors cannot buy shares not included in main indices. Although some other companies in Germany also grumble against quarterly reporting, no other prominent name had taken the protest so far as Porsche. A spokeswoman for Deutsche Boerse said quarterly financial reports were essential to communicating with capital markets and that the stock exchange's reporting rules had been approved by the German authorities. Porsche's application to enter the premium segment was rejected by Deutsche Boerse earlier this year, prompting the firm to say it would consider listing on the London Stock Exchange. Porsche, whose chief Wendelin Wiedeking has frequently criticized what he calls undue pressure from capital markets on companies, dropped plans for a New York listing last October because it did not agree with new U.S. rules that force chief executives to swear on the accuracy of its accounts. Reuters contributed to this report.
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