Porsche Drops Plans for NYSE Listing

FRANKFURT, Oct 16, 2002 Reuters reported that German sports car maker Porsche AG (XETRA:PSHG_p.DE - News) said on Wednesday it had dropped plans to apply for a New York listing because it did not agree with new U.S. rules that force CEOs to swear to the accuracy of accounts.

Porsche Chief Executive Wendelin Wiedeking had said in August the idea of a secondary listing, first mooted in January, had been put on ice due to his concern over the new U.S. corporate governance rules.

"Considerations of an additional listing in the United States were put aside by the Porsche management board," the company said in a statement.