X5 Retail completes $1.16bn rights offering
London-listed Russian retailer X5 today completed its rights issue by selling unsubscribed GDRs and treasury stock, taking total proceeds to $1.16bn. Citigroup and Goldman Sachs closed the $1bn offering of GDRs 96.5% subscribed by existing shareholders yesterday, leaving 1.68m GDRs unsubscribed. Proceeds are to acquire the Karusel hypermarket chain. Read EuroWeek on Friday for all the market’s reaction.
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