Logistics firm Christian Salvesen's merger talks with rival TDG have stalled causing shares in Salvesen to slump.
The firm told shareholders last month it was in talks over a possible merger boosting share prices temporarily. But the group had said at the time negotiations were only in the early stages. Following today's announcement of their collapse, Salvesen tried to limit damage declaring it hopes to appoint a new ceo soon.
Edward Roderick was jostled from the top spot in May after a series of profit warnings. It had ousted finance director Peter Aspden a year earlier and just a few weeks ago admitted the poor summer this year had affected business, though a stronger performance elsewhere in Europe was likely to offset the problems.
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