UPDATE 1-Porsche experts absolve former execs of guilt

* Recommends delaying shareholder vote until probe over

* To adjust fiscal year to calendar basis starting in 2011

* Porsche shares down 1 pct, autos index .SXAP up 0.5 pct

(Adds details, background)

FRANKFURT, Dec 15 (Reuters) - An expert opinion requested by Porsche SE (PSHG_p.DE) and delivered by two German university professors concluded that neither of its two former top managers was guilty of violating capital market laws.

"The (company's) examination and the opinion come to the conclusion that no legal transgressions occurred," Porsche SE said in a statement on Tuesday.

Ex-Chief Executive Wendelin Wiedeking and ex-finance chief Holger Haerter were sacked in late July due to their opposition to a merger with Volkswagen (VOWG.DE) after a failed takeover attempt that left it with a majority VW stake. [ID:nSP513587]

Weeks later, German prosecutors targeted the pair as part of an ongoing probe into suspected market manipulation of VW shares. [ID:nLK663196]

Porsche SE said in the statement it would recommend shareholders at the Jan. 29 annual general meeting delay a vote that would formally approve the performance of the two men's duties until the conclusion of the investigation.

The company, which has since sold VW a 49.9 percent stake in its Porsche AG sports car unit [ID:nGEE5B61PW], added it would vote as planned to end its quirky fiscal year that ends at the end of July 2010.

The five months from August to December would constitute a rump year, with 2011 its first full calendar business year.

Porsche SE has said it expects to merge with Volkswagen in the course of 2011.

(Reporting by Christiaan Hetzner, Editing by Michael Shields)