Tuesday , August 4 2020

Wirecard rises after investors eye core business, US unit

Bloomberg

Wirecard AG rose the most since June after it revealed that more than 130 investors are eyeing the company’s assets.
Some 60 potential buyers have signed confidentiality agreements relating to the bidding for Wirecard’s North America unit, and 77 have done so for its core business of acquiring and issuing, the company’s insolvency administrator, Michael Jaffe, said in a statement late Friday.
Wirecard has enough liquidity “for the time being” to continue operating, Jaffe said. The bidding will start in the next few weeks and the administrator is confident of finding
buyers, he said.
Wirecard rose as much as 37% in early trading in Frankfurt on Monday, the steepest intraday gain since June 30.
The shares were almost wiped by last month’s insolvency filing, the culmination of an accounting scandal that led to the arrest of its chief executive officer and left the German payment-processing firm unable to find over $2 billion missing from its balance sheet.

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