Gorenje shares down 30 percent after Panasonic rules out takeover

A worker arranges washing machines at a factory of Slovenia's largest household appliances maker Gorenje in Velenje

LJUBLJANA (Reuters) – Shares in Slovenian household appliances group Gorenje fell by 30 percent to 6 euros on Monday after Japan’s Panasonic Corporation decided against a takeover of the company in which it holds a 10.74 percent stake.

Trading in the shares resumed on Monday, having been suspended on Thursday after the Panasonic decision. Analysts said the price could fall further in the coming days, given that Gorenje’s share had climbed by 87 percent since the end of 2015 on takeover speculation.

(Reporting By Marja Novak; Editing by David Goodman)