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Loomis enjoys the fall of competitor, Panaxia shares edge up in Stockholm

Wednesday, 05 September 2012
The other logistic company. Loomis is enjoying the fall of Panaxia which went into bankruptcy this morning.

This opens up opportunities for the customers of Panaxia to shift to competitor Loomis. Reports is out already that it is not clear if Loomis would buy Panaxia's assets.

Panaxia on Wednesday filed for bankruptcy after efforts to strengthen its financial position failed. Until further notice, Panaxia operating activities has been stopped.

The competitor, Loomis would not say whether it will buy Panaxia and we are also not hearing anything from Securitas which is also a player in the sector.

Loomis B trading in Stockholm today

loomis

Should such a view come into play, the Swedish competition authorities would weigh in. However, now it opens the possibility that Panaxia customers would begin to look for another supplier.

Some where after 11AM Swedish time, Loomis shares had risen by 3.8 percent on a Stockholm Stock Exchange which was generally trading down 0.4 percent.
by Scancomark.se Team

According to the prosecutors, the two are accused of being involved in a situation that fact that Skr172 million has not been properly accounted for.

"There is now a temporary halt in operations pending the district court approval and for the appointment of bankruptcy management and trustees, "said Monica Hallin, CEO of the company since July, said.

She expects that to happen in the afternoon, and that the administrator will then runs the business for a possible sale of the company.

Behind bankruptcy is the write-off of Skr200 million the company was forced to carry out according to its interim report for the second quarter, partly as a result of the alleged accounting violations by the two former executives of the company.

Among the services Panaxia offers includes, cash in transit & cash services, logistics & storage management, security & surveillance as well as technique of / and information recycling.
by Scancomark.com.Team

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