Germany's Loewe says investors have pulled out of purchase deal

Reuters News
Posted: Feb 24, 2014 1:31 PM

FRANKFURT (Reuters) - Insolvent German television maker Loewe said on Monday that an investor group had backed out of a deal to purchase its core television business.

A group of investors, including a former senior manager at Apple and Bang & Olufsen, said in January that they would buy Loewe's core television business for an undisclosed price.

Loewe on Monday called on the investors to complete the deal and said it did not believe there was any legal basis for them to withdraw from the purchase contract and that it is considering legal action.

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(Reporting by Victoria Bryan; Editing by David Goodman)