BERLIN – Shares in Arcandor AG plunged almost 30 percent in early trading after taking a similar dive Thursday. The stock has lost over 90 percent of its value in the last year, and at mid-day was trading at 1.77 euros, compared to 2.50 euros on Thursday and 24.19 euros a year ago.
The German company, which operates the ailing Karstadt department store group, the Primondo catalogue business and Thomas Cook Travel, has also come under the scrutiny of the German stock authority BaFin.
The recent turbulence was prompted by Arcandor’s ad-hoc announcement late Wednesday that the successfully negotiated refinancing deal with its banks might require a change in its holding structure, “including the possibility of raising funds by reducing the level of ownership in Karstadt Warenhaus GmbH and Thomas Cook Group plc.”
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