SocGen's A Steal |
| Forbes - Feb 11, 2008 |
Societe Generale is finally launching its much-awaited rights issue in the hope of propping up its capital base with 5.5 billion euros ($8.0 billion) from existing shareholders. But with a steeper discount than expected, and an additional 600 million euros ($873.3 million) in previously unannounced write-downs, this may not be the fresh new start the French bank was hoping for as a standalone operation.
Societe Generale said Monday that it would issue 116.78 million new shares, or 25% of its existing share capital, at a price of 47.50 euros ($69.14) each. One new share can be bought at this price for every four already held. The issue price represents a discount of 38.9% on Friday's closing price of 77.72 euros ($113.13), far more than the figure of 15% expected by some analysts.
Read Full Article from Forbes
- Posted: 2008-02-11 09:23:03
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