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Management Side
DS Smith to raise $1.3 billion via rights issue

LONDON (From news reports) - UK-based packaging group DS Smith said on Tuesday it would look to raise around 1 billion pounds ($1.32 billion) via a rights issue to help fund its biggest-ever acquisition of Spanish rival Europac.

The fully underwritten, three-for-11 share capital raise will see the firm issue 293 million new shares at 350 pence per share, a 30.9 percent discount to the stock's closing price on Monday of 549.6 pence per share.

DS Smith said it would raise the capital after offering to buy Europac for 1.9 billion pounds including debt earlier in June, in a takeover expected to bolster its position in a fast growing, western European packaging market.

The 1 billion pounds targeted will be used to partly fund the deal, which still needs to be approved by its shareholders at an annual meeting on July 10.

It is unclear how much the company will pay in expenses to raise the sum.

The rights issue, which is expected to open on July 10 and closes on July 24, will represent 27.3 per cent of DS Smith's existing share capital and 21.4 percent of its enlarged share capital following the acquisition.

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