Billabong surges on Altamont move

Stock soar 45% in morning trade after US private equity firm takes effective control of embattled retailer.

Investors have cheered a move by US private equity firm Altamont Capital Partners to take effective control of embattled surfwear retailer Billabong.

Altamont will buy out the company's debt and oust its chief executive Laura Inman.

Shares in the retailer soared 45% to 36.25 cents at 1105 AEST, against a benchmark fall of 0.01%. 

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