Conti to raise euro 1000m new equity from shareholders

ERJ staff report (DS)

Hanover, Germany — Conti has announced a new issue of 31 million shares priced at Euro (€) 35 each. They will be available from 12 January. The issue has been underwritten by a consortium of banks which has already placed roughly three-quarters of the new shares. The company expects to raise around €1085 million from the issue, which will be used to pay off debt.

At the end of December 2009, the com­pany had already successfully completed negotiations with its creditor banks regarding…

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