LEIPZIG, Germany, Aug 20 (Reuters) - The chief executive of Porsche said on Tuesday the luxury German carmaker had put off consideration of applying for a U.S. listing due to concerns over new U.S. corporate governance rules.
"We have put it on ice for the time being," Wiedeking told reporters at a ceremony to mark the start of production of the company's new sports utility vehicle, the Cayenne.
He said he did not believe chief executives should have to swear to the accuracy of accounts, as required under the rules, when thousands of employees were involved in them. Wiedeking said in January the company was considering a New York listing after being kicked out of the MDAX index of German mid-cap stocks because it would not publish quarterly earnings statements.
Porsche stock was trading 3.43 percent lower at 478 euros at 1227 GMT, erasing some of the gains the illiquid shares made on Monday, when they rose nearly six percent.
Henning Gebhardt, a fund manager at Deutsche Bank unit DWS, said he did not believe putting off the possible U.S. listing was too significant.
"Looking at the experience we have had with other companies which are listed in the U.S., where the trading volume is really limited, I wouldn't overestimate the impact," he said.
"It shouldn't have a big impact on the share price if they postpone (a listing)".
DWS owns 48,000 Porsche shares, according to Thompson Financial data, worth 22.9 million euros at Tuesday's price.