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Australia's Billabong shares plummet after takeover talks end
June 4, 2013 / 1:26 AM / 4 years ago

Australia's Billabong shares plummet after takeover talks end

A surfer, wearing a Billabong wetsuit, leaves the water at Bondi beach in Sydney April 2, 2013. REUTERS/Daniel Munoz

SYDNEY (Reuters) - Shares in Australian surfwear company Billabong International Ltd (BBG.AX) plummeted as much as 58 percent on Tuesday after it said it had ended takeover talks with two potential suitors.

Billabong also warned that its full-year profit would sink below previous guidance, and said it was now discussing refinancing options with the two consortiums.

Shares fell to an all-time low of A$0.19 during morning trade. ($1 = 1.0298 Australian dollars)

Reporting by Jane Wardell; Editing by John Mair

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