Fortis details $18.4 billion share issue

Belgium's Fortis NV, one of three banks bidding as part of a consortium to buy ABN Amro Holding NV, released details of a euro13.2 billion (US$18.4 billion) share issue Friday to raise cash to fund its part of the takeover.

Fortis's rights issue -- meaning it will be available only to Fortis shareholders -- offers the right to buy 2 new shares of the company for every three owners hold, at a price of euro15 (US$20.95) per share.

That's 44 percent below Fortis's closing share price euro26.62 (US$37.19) on Thursday, a price set low enough to ensure there is appetite for the offer.

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- Posted: 2007-09-21 10:22:58

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