Billabong surges on Altamont move

Stock soars 32% 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 32% to 33 cents at 1500 AEST, against a benchmark rise of 0.01%. They touched a high of 36.5 cents in morning trade.


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