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Vienna Insurance Group to carry out 314 rights issue at maximum 54 eurosAustria's Vienna Insurance Group AG (VIG) said it will issue up to 23 million new shares via a 3:14 rights issue in order to finance its acquisition of Erste Bank's insurance operations and to enable further growth in Central and Eastern Europe.
With the approval of its supervisory board, VIG said it will increase its share capital to 128 million shares from 105 million by granting existing shareholders subscription rights at a ratio of 3 for every 14 existing shares. The subscription period runs from April 22 to May 7 and the maximum price is set at 54 euros, VIG said. In March this year, VIG purchased all of Erste Bank's insurance operations in Central and Eastern Europe, including BCR's insurance unit in Romania, for around 1.44 billion euros and signed a long-term partnership with the Austrian bank. http://www.forbes.com/markets/feeds/afx/2008/04/21/afx4911230.html 61 times read
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