FRANKFURT, Jan 29 (Reuters) - Porsche AG said on Wednesday it may consider listing on the London Stock Exchange, a snub to German stock market operator Deutsche Boerse, which kicked it out of its mid-cap index two years ago.
Porsche, the world's most profitable car company, refuses to issue quarterly reports, saying they merely serve the stock exchange and investment bankers but are not in the interests of either the company itself or its shareholders.
Its maverick stance saw it dropped from Germany's mid-cap MDAX in 2001. It applied recently to enter Deutsche Boerse's premium segment, a bid that it said on Wednesday had been rejected by the Boerse.
"We are going to launch an appeal immediately. Then we want to leave all our options open for the next step," a Porsche spokesman said.
"One of the options is to think about listing in other countries. Other countries of course include a listing in London, but we are far away from any decision."
He said Porsche, which has long been resistant to any moves enforcing greater financial transparency, could also take legal steps or simply continue to list only its non-voting preference shares in Germany.
Deutsche Boerse declined to comment. The London Stock Exchange could not make any immediate comment, but has made no secret of its wish to attract listings from continental Europe.
Although many London-listed blue-chips issue quarterly earnings reports, only half-year and full-year reports are compulsory in the United Kingdom.
Deutsche Boerse said in November it would implement a new segmentation of the German stock market from the beginning of this year with two different listing segments -- a Prime Standard segment, which requires quarterly reports, and a General Standard segment.
Porsche dropped plans to apply for a New York listing last October because it did not agree with strict new U.S. rules that force chief executives to swear to the accuracy of accounts.
It argued that the rules were not compatible with German law, which gives the whole management board, the supervisory board and the auditors responsibility for ensuring that the accounts are accurate.
Chief Executive Wendelin Wiedeking told shareholders last week at the company's annual meeting he stood by the decision not to publish quarterly earnings.
"Our business process consists of building engines, bending and lacquering sheet metal, and assembling the components of perfect cars...," he said.
"As long as this business goes on succeeding, we don't need to have any fear of punishment from the capital market or the stock market."