The rumor mill went crazy this weekend when the Apple rumor site, AppleInsider, reported that Loewe was in the final negotiation stage of being acquired by Apple for 87.3 million euros ($112 million). Loewe is a German company that designs and manufactures premium and minimalistic television sets and has been on the cutting edge of the TV industry since it created one of the first sets in 1929. Due to the similar design focus of both companies and the ongoing speculation of Apple entering the TV business, news outlets quickly picked up the story and ran with it.
Before things got too out of hand, Loewe contacted the German news website Heise with a statement on Sunday denying the potential takeover by saying that there is “absolutely nothing to” the rumor. Even with the statement coming directly from a Loewe spokesperson, the company’s stock price soared by 25% when the German market opened on Monday. The rumor couldn’t have come at a better time since the German company has been struggling to turn a profit. In 2011 Loewe reported a €10.5 million loss on €274 million revenue and the slightest sign of positive news from the company has gotten investors excited.
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