Elan Privatization Fails (Again!)

Elan Privatization Fails (Again!)

 

The long-awaited privatization of ailing sports goods maker Elan has failed after London-based buyout fund Argus Capital revoked its offer. Despite the setback, the privatization process will continue, the Elan supervisory board said on Tuesday.

The sale of Elan, which is in majority ownership of the state-owned PDP firm, had been ongoing for two years.

Argus Capital was reportedly interested in buying the company for less than a million euros and recapitalising it with EUR 15m.