INTERNATIONAL

British Aerospace’s Rights Issue Does Poorly: British Aerospace’s bid to raise $736 million by selling new stock to its shareholders seemed headed for failure as underwriters struggled with huge amounts of unsold shares. The deal, which could be one of the biggest rejections of a British stock issue in recent memory, would be a big blow to the prestige of the firm, which makes commercial and military aircraft and Rover automobiles. As the deadline for acceptances passed, British Aerospace’s stock traded well below the $6.65-a-share rights price. Brokerage house sources predicted that only 20% to 30% of the offer would be sold.