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Aryzta should cut capital increase in half, says bakery's top shareholder

( October 15, 2018, 10:30 GMT | Official Statement) -- MLex Summary: Aryzta should cut a proposed capital increase of 800 million euros in half and sell some noncore assets, said the Swiss-listed bakery’s biggest shareholder, Cobas Asset Management. Madrid-based Cobas urged the McDonald’s bunmaker to call a special shareholder meeting to vote on the alternative refinancing plan, which would include a 400 million euro capital hike and an asset sale worth at least 250 million euros. “Cobas cannot defend actions that lead to such destruction of shareholder value as would occur through the highly dilutive capital increase proposed by the Aryzta’s board of directors,” said the investor, which owns 14.5 percent of the company.Full statement attached below. ...

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