Bang & Olufsen shares soar on news of buyout

Denmark could lose one of its best-known global brands after Bang & Olufsen reported that it may be partially or completely sold.

Bang & Olufsen shares soar on news of buyout
B&O's production facility in Struer. Photo: Henning Bagger/Scanpix
Shares in Bang & Olufsen, the Danish firm that produces upmarket sound systems and high-end televisions, soared on Thursday after the company said it was in talks with a potential buyer.
The news was music to investor's ears, sending the firm's shares up by more than 25 percent on the Copenhagen Stock Exchange in afternoon trading, in a slightly firmer overall market.
“The company has initiated a dialogue to investigate and analyse the firmness of these approaches,” it said in a statement, without giving any further details.
Bang & Olufsen has posted annual losses over the past three fiscal years as more people listen to music on their mobile devices and after failing to attract younger consumers.
Its two biggest shareholders are Dutch insurer Delta Lloyd, which holds a 14.7 percent stake, and Danish pension fund ATP, which holds 12.4 percent.

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Denmark’s toy giant Lego offers staff bonus after bumper year

Danish toymaker Lego, the world's largest toymaker, Denmark's Lego, said on Tuesday it will offer its 20,000 employees three extra days of holiday and a special bonus after a year of bumper revenues.

Lego is rewarding staff with a Christmas bonus and extra holiday after a strong 2022.
Lego is rewarding staff with a Christmas bonus and extra holiday after a strong 2022. File photo: Ida Guldbæk Arentsen/Ritzau Scanpix

Already popular globally, Lego has seen demand for its signature plastic bricks soar during the pandemic alongside its rapid expansion in China.

“The owner family wishes to… thank all colleagues with an extra three days off at the end of 2021,” the company said in a statement.

The unlisted family group reported a net profit of more than 6.3 billion Danish kroner (847 million euros) for the first half of 2021.

Revenues shot up 46 percent to 23 billion kroner in the same period.

It had been “an extraordinary year for the Lego Group and our colleagues have worked incredibly hard,” said the statement, which added that an unspecified special bonus would be paid to staff in April 2022.

Lego, a contraction of the Danish for “play well” (leg godt), was founded in 1932 by Kirk Kristiansen, whose family still controls the group which employs about 20,400 people in 40 countries.

READ ALSO: Lego profits tower to new heights as stores reopen