Societe Generale Raises EU5.5 Billion in Rights Offer |
| Bloomberg - Mar 11, 2008 |
Societe Generale SA, France's second-largest bank, raised 5.54 billion euros ($8.5 billion) in a rights offer to replenish capital depleted after trading losses and writedowns.
Investors requested 1.84 times more shares than the bank offered for sale, Societe Generale said in an e-mailed statement today. The new shares were sold for 47.50 euros each. The existing shares closed yesterday at 64.08 euros, down 12 percent from a month ago when the rights offer was first announced.
Paris-based Societe Generale lost 3.35 billion euros in the fourth quarter after a 4.9-billion-euro trading loss and 2 billion euros of writedowns related to the collapse of the U.S. subprime mortgage market. Net income for the year tumbled 82 percent to 947 million euros.
Read Full Article from Bloomberg
- Posted: 2008-03-11 10:35:28
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