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Munich Re's rights issue.
(From Reinsurance)
Munich Re expects to raise EUR3.8bn in a new rights issue, hoping to create a stronger capital base that will allow it to take advantage of "profitable growth opportunities".
The subscription period will last from 28 October to 10 November 2003, with a total of 50.9m new shares being made available. Munich Re shareholders will be allowed to subscribe for two new shares for every seven they already hold. The subscription price will be around EUR75 per share.
This year has been a hard one for the company. In August Munich Re announced a loss of EUR603m for the first half of 2003, blaming the fall on a high provision for taxation in the second quarter. ...
- Munich Re rights issue to raise [euro]3.8bn.
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