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Billabong International Limited (ASX:BBG) has requested a voluntary suspension of trading in its shares to allow it more time to continue talks with its suitor.

 

The move comes after the surf wear retailer requested a trading halt on Tuesday, May 7.

 

Billabong has asked for the suspension to remain in place until such time as the company is able to make an announcement in relation to its takeover discussions

 

The market has been expecting an announcement on the progress of takeover talks with a group of suitors led by the company's former United States' boss Paul Naude.

 

The ASX recommends companies enter a voluntary suspension, rather than a trading halt, when it is not in a position to make an announcement within 48 hours.

 

Billabong posted a net loss of $536.9 million for the first half of the current financial year.