11 Mar 2014

French Co-op to raise €3.9bn from members

Submitted by sfensom

Suggestions that The Co-operative Group could significantly reduce debt by raising capital from members were dismissed by Richard Pennycook (then CFO now acting CEO) at the last Half Yearly Meeting.

Credit Mutuel sees it differently. It is seeking to raise a staggering €3.9bn from members to reduce debt incurred from recent acquistions.

See Reuters report here

Raising capital from members is one of the key themes of Springboard