DS Smith plans £1bn rights issue to fund Spanish acquisition

DS Smith has launched a £1bn (1.15bn) rights issue to fund the 1.7bn acquisition of smaller Spanish packaging rival Europac. DS Smith, which announced the proposed acquisition at the start of the month, on Tuesday revealed plans for a 3-for-11 rights issue at a price of 350p per new share. Some 293m new ordinary shares will be issued, representing just over 27.3% of the current issued share capital, which has been fully underwritten by investment banks. The issue price represents a discount of ...

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