Ericsson: Stock issue a huge success
Ericsson said today its stock new equity issue plan was a resounding success, as 99.5% of its shareholders exercised their rights to buy new shares. Ericsson issued 8 billion new shares for 49 cents per share, offering one new share for every share owned in the company.
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Ericsson plans to use the funds to fuel its enormous restructuring plan designed to bring the vendor back to profitability in 2003. Ericsson expects to cut its staff almost in half by the end of 2003 and reduce a significant amount of debt.
-- Kevin Fitchard, staff writer
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© 2012 Penton Media Inc.
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