German retailer and tourism group Arcandor has denied market speculation that it is in talks with Wal-Mart, the world’s largest retailer.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe company’s stock value had shown no change at 10.32am, holding steady from yesterday’s close of EUR1.86.
