Ceconomy to Increase Share Capital by Around 10%
30 June 2018 - 2:55AM
Dow Jones News
By Anthony Shevlin
Germany's Ceconomy AG (CEC.XE) said Friday that it will increase
its share capital by around 10% following approval for the move
from the company's supervisory board.
Ceconomy said that Freenet AG (FNTN.XE) has agreed to acquire
all of the newly issues shares and that it will pay 8.50 euros
($9.83) per share. Freenet will invest around EUR277 million
following the agreement, Ceconomy said.
The agreed share price represents a premium of around 18% on the
closing price of Ceconomy's ordinary shares on June 28, the company
said.
Freenet will hold a stake of around 9% in Ceconomy following the
completion of the capital increase, Ceconomy said.
Ceconomy said it plans to use the proceeds from the capital
increase to strengthen its balance sheet as well as to increase its
financial strength.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com
(END) Dow Jones Newswires
June 29, 2018 12:40 ET (16:40 GMT)
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