German retailer and tourism group Arcandor has denied market speculation that it is in talks with Wal-Mart, the world’s largest retailer.
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Reports emerged at the end of last month that Wal-Mart was looking to re-enter the German market through the acquisition of Arcandor.
Shares in Arcandor have fallen by more that 80% over the past year as the retailer, which also owns travel company Thomas Cook, has seen profits sink. However, the rumour prompted a jump of more than 12% in Arcandor’s share price, which rose to a high of EUR2.19 on 28 February.
However, a spokesperson for the company confirmed today (12 February) that it is not in negotiations with the US retail giant.
“We have confirmed that we are not in talks with Wal-Mart. At no point have negotiations over a possible takeover taken place,” the spokesperson told just-food.
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By GlobalDataThe company’s stock value had shown no change at 10.32am, holding steady from yesterday’s close of EUR1.86.
