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Shipbuilder's shares fall 10% after capital raise
Italian shipbuilder is expanding capacity on strong defence demand
Deal priced at 1% premium to Monday's close
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Compagnie Générale de Géophysique, the French geological surveying company, has launched a three-for-one rights issue to raise €350m, as it struggles with its $2.5bn net debt burden as oil companies cut back on exploration.
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The start to 2016’s equity business has not been easy, with markets doing little to help convince issuers to pull the trigger. But European stockmarkets have settled down, and are managing sometimes to trade well even on days when China’s market falls.
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Malaysia’s CIMB is understood to have rejigged its equity capital markets operations, with Patrick Tan named the new head of ECM and syndicate for Asia, according to sources. -
Chinese aluminium manufacturer China Hongqiao Group plans to raise HK$3.8bn ($489.6m) from a rights issue in early February, according to a document filed with the Hong Kong Stock Exchange.
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Fomento de Construcciones y Contratas, the Spanish construction company, is still waiting for the Spanish financial regulator to approve its securities note for its rights issue, approved by the board on December 17.
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China tested the limits of reform in its stock market this week with disastrous consequences. Equity markets fell globally after China heaved yet more volatility on investors, and mainland stocks saw their worst ever start to the year. The turmoil caught equity capital market bankers off guard, but panic has not set in yet, writes John Loh.
