October 1, 2018 / 10:23 AM / 2 months ago

Aryzta doesn't need such a big capital hike - biggest shareholder

ZURICH, Oct 1 (Reuters) - Cobas Asset Management, the biggest shareholder in Aryzta with a voting stake of more than 14.5 percent, said on Monday it was exploring alternatives to the Swiss-Irish baking group’s plan for an 800 million euro ($929 million) capital increase.

“We are pleased to see that the business has stabilised and the management has set realistic mid-term targets. However this morning’s news confirms that the company does not require such a highly dilutive capital increase,” a spokesman said in response to an inquiry about Aryzta results.

“Principally we endorse the intention to strengthen the balance sheet of the company. To that effect we are reviewing alternatives that will improve upon the company’s proposal. These will be presented soon to the fellow shareholders, either through the board of directors of Aryzta or through an EGM.” ($1 = 0.8610 euros) (Reporting by Oliver Hirt, Editing by Michael Shields)

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