Ahold's Eu3bn rescue rights on course despite fresh loss and US scandal news

28 Nov 2003

Ahold, the world's third largest retailer, announced pricing for its Eu3bn rights issue this week amid a hail of bad news, including an unexpected third quarter loss and continuing revelations about the $1.2bn accounting scandal in its US subsidiary.

The issue, which will expand Ahold's market capitalisation by about 51%, will be made at Eu4.83 - a discount of 42% to the share price close on Tuesday. Investors will receive two shares for every three they hold.

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