Xstrata's Rights 'Giveaway' As Cookson Seeks a Cash Boost ; Finance [Edition 3]

Evening Standard - London › February 10, 2009

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Summary

MINING group Xstrata today unveiled a massively discounted Pounds 4.1 billion rights issue to cut its debts, while engineer Cookson launched a Pounds 240 million cash call in an indicator of the depth of the economic downturn.

Cookson is also closing six plants at a worldwide cost of 1250 jobs -- including 180 at a plant in Scotland -- and scrapping its dividend.

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Xstrata's Rights 'Giveaway' As Cookson Seeks a Cash Boost ; Finance [Edition 3]

Xstrata today also admitted 2008 profits slumped by 35% to $3.6 billion (Poun...

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