DECEMBER 5, 2000
More of the same for EM.TV
The Frankfurt Stock Exchange has continued to punish Formula One shareholder EM.TV in the course of Tuesday after an enormous 40% drop in value on Monday. On Tuesday morning the EM.TV share price continued on its downward trend, losing another 26% of its value to reach a low at midday of 7.5 Euros ($6.50) this means that the company value is now well under $1bn, one eighth of what it was just a few weeks ago before the current collapse began. Attempts to shore up the falling share price have all failed and it now remains to be seen what will happen as the markets are showing no interest at all in supporting EM.TV boss Thomas Haffa's latest restructuring.
Haffa had hoped to sell 49% of Formula 1 to Bavarian media baron Leo Kirch and use the money from the sale to buy another 25% on which he has an option, but investors in Frankfurt failed to see the logic of the deal and have long been complaining that they want to see EM.TV return to its core operations.
|Print News Story|