P.M. BRIEFING : Eurotunnel Digs for More Cash
Eurotunnel, the Anglo-French consortium digging a rail tunnel beneath the English Channel, announced today that it hopes to raise $1.04 billion after expenses through the sale of new shares to existing shareholders.
The company set the price of each share at $5.56. It plans to offer nearly 200 million new shares; there are 332.4 million shares already outstanding.
The proposed sale price is 34% below Eurotunnel’s current price per share of $8.36 on London’s stock market.
The new shares will begin trading on London’s Stock Exchange, the Paris Bourse and the Brussels Stock Exchange on Nov. 12, the company said.
Existing shareholders will be eligible to buy three new shares for every five they already own, Eurotunnel said. It is also offering a range of travel perquisites, including limited free travel, to encourage share purchases.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
