Crédit Agricole to ask shareholders for Eu5.9bn
Crédit Agricole yesterday confirmed rumours in the French press that it was planning a Eu5.9bn rights issue. A cash call became inevitable after investment banking arm Calyon suffered Eu1.2bn of subprime-related writedowns. Crédit Agricole’s first quarter earnings were 26% lower than expected as a result. A final decision on the rights issue will be made in a board meeting today. Read EuroWeek on Friday for the latest on the deal.
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