Primacom shares leap after Reuters reports bid plan

Shares in German cable provider Primacom rocketed more than ninefold on Jan. 6 after sources told Reuters a group of private equity funds and Dutch bank ING were taking over the company. The report said these four main creditors in Primacom had agreed to cancel 250 million euros worth of loans in return for equity. Some of Germany’s most prominent newspapers including “Sueddeutsche Zeitung” and the “Handelsblatt” picked up the story with Reuters credit. The scoop was the latest in a series from Germany’s fifth-largest cable provider.