Ericsson's mammoth offering
Ericsson shareholders got the first inkling of a huge capital increase in the company's half-year report. CEO Lars Ramqvist described an extensive restructuring, with an increased need for working capital, during a rapid growth phase. Moreover, new telecoms players need help with financing. Against this backdrop, Ramqvist proposed a capital increase, and shareholders voted in September to strengthen the balance sheet with a $1 bn rights issue to close in October - the biggest in Swedish history.
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