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Clariant Launches $425M Rights Issue

Swiss specialty chemicals maker, Clariant, has unveiled a rights issue to help fund its $2 billion purchase of German group, Sued-Chemie.

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.

Click here for the story from Reuters.

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