Swiss specialty chemicals maker, Clariant, has unveiled a rights issue to help fund its $2 billion purchase of German group, Sued-Chemie, Reuters reports. The one-for-10 rights issue will raise $425 million.
The company is issuing up to 23 million new shares to existing shareholders at a ratio of one new share for every 10 already held. Morgan Stanley is acting as sole global coordinator, with BNP, Citibank, Commerzbank, SEB and UniCredit acting as joint lead managers.
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