A German court decided on Friday not to open main proceedings against former Porsche Chief Executive Officer (CEO) and former Chief Financial Officer (CFO).

The Stuttgart district court rejected the market manipulation charges against Wendelin Wiedeking and former CFO Holger Haerter, local German newspaper Sueddeutsche said in an online report.

The two were accused of issuing misleading statements about Porsche's intentions before it moved to build up its stake in Volkswagen. Both of them denied the accusation.

Porsche acquired a stake in Volkswagen in 2005 and gradually increased it to nearly 35 percent by 2008. The Volkswagen AG, on the contrary, took over the full ownership of Porsche in a deal in 2012.