By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- Shares of London Stock Exchange Group
PLC posted big losses in the FTSE 100 on Friday after the company
said it plans a rights issue to fund the acquisition of asset
manager Frank Russell Co.
LSE shares dropped 1.1%, in an otherwise quiet U.K. stock
market. The company said it plans to raise 938 million pounds
($1.56 billion) to fund the takeover and that shareholders will be
able to buy three new shares for every 11 they already own at a
1,295 pence each, a 30.1% discount to Thursday's closing price.
More broadly in London, the FTSE 100 index was slightly lower at
6,775.94, setting it on track for a 1.3% weekly advance.
Banks were among gainers, with shares of Barclays PLC up 1%,
HSBC Holdings PLC (HSBC) rising 0.9% and Lloyds Banking Group PLC
(LYG) 0.7% higher.
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