The owners of private investment bank Sal. Oppenheim have cut their stake in the Arcandor group from 24.9% to 9.69%, Arcandor reported. The reduction means the bank has lost its status as biggest shareholder in the beleaguered retail and tourism group, which filed for insolvency earlier this year.
The owners of private investment bank Sal. Oppenheim have cut their stake in the Arcandor group from 24.9% to 9.69%, Arcandor reported. The reduction means the bank has lost its status as biggest shareholder in the beleaguered retail and tourism group, which filed for insolvency earlier this year.
Sal. Oppenheim, which is on the verge of being taken over by Deutsche Bank, bought the stake in Arcandor in September 2008 and later placed the shares in a family holding company. Based on Arcandor's current share price, the shares which have been sold are worth around EUR 8.7 mln.
The biggest shareholder in Arcandor is now Madeleine Schickedanz, with a stake - carrying voting rights - of 21.5%.
Arcandor filed for insolvency after failing to secure the EUR 170 mln it needed to keep its total 120 stores operational. Besides its flagship Karstadt department store chain (91 stores), the retail group operates mail order firm Primondo and catalogue business Quelle. Travel operator Thomas Cook, in which Arcandor holds a 53% stake, has been placed outside the insolvency proceedings.
