|Page (1) of 1 - 02/13/13||email article||print page|
Loewe shares jump 43 percent on Apple bid talkUS-LOEWE-APPLE-MA:Loewe shares jump 43 percent on Apple bid talk
FRANKFURT (Reuters) - Shares in German luxury TV maker Loewe <LOEG.DE> surged on talk of a bid from Apple <AAPL.O>, rumors that first surfaced in May last year.
"Apple supposedly wants to bid 4 euros a share for Loewe," said a trader.
Shares in the maker of high-end home entertainment sets, founded in 1923 in Berlin, rose 33 percent to 3.63 euros ($4.89)by 1440 GMT, having hit 3.93, valuing the company at 53 million euros.
A Loewe spokesman said it was unaware of any offer. An Apple declined spokesman declined to comment.
Web blog AppleInsider reported in May last year, citing a person familiar with the matter, that Apple would bid 87.3 million euros, then a 48 percent premium, for Loewe.
Loewe is axing a fifth of its 1,000 jobs after losses almost tripled to 29 million euros in 2012 and it is trying to strengthen its cooperation with Sharp <6753.T>.
Sharp owns 28 percent of Loewe shares, and Loewe's management owns 13 percent. A further 11 percent are held by LaCie <ELED.PA>, while 49 percent of the company's shares are freely traded, according to Thomson Reuters data.
It would not be the first foray into television for Apple, whose products stream Netflix <NFLX.O>, YouTube and iTunes content.
The company has been long rumored to be working on a television but has so far deflected questions on its existence. Apple hasn not launched a new line of products in almost three years, apart from a smaller version of the iPad.
($1 = 0.7427 euros)
(Reporting by Peter Dinkloh, Hakan Ersen, Harro ten Wolde and Jens Hack; Editing by Louise Ireland)
Related Keywords:US , LOEWE , APPLE , MA