FRANKFURT (dpa-AFX) - Baywa shares slumped on Monday due to the financial problems of the agricultural trading and energy group. The company, which is billions in debt, brought a restructuring expert on board. Shortly after the start of trading, the share price fell by a third to 15 euros. This is the lowest level for 15 years.

The expert opinion is intended to improve the "tense financial situation", it was announced on Friday evening after the close of trading. Under former CEO Klaus Josef Lutz, Baywa pursued a course of expansion on credit. The Board of Management had obviously calculated with long-term low interest rates and is now being taken by surprise by the oppressive interest burden in times of rising interest rates. A syndicated loan expiring in September 2025 comes into focus.

The slump in the share price adds a new chapter to the downward trend that began in November 2022 at a record high of 49.20 euros. The share price has fallen by 70% since then.

For the first time since 2018, the share price briefly slipped below the EUR 20 mark in July, but then stabilized again. This stabilization is now history./tih/ag/mis