Dutch telecommunications group KPN said today it was not considering a rights issue.
The
Financial Times
reported earlier this month that KPN was considering a stock issue to raise up to euro 5.5 billion.
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Analysts estimate the company needs euro 10 billionto finance its long-running debts.
KPN's stock has plummeted since rumours of a rights issue began.On Friday its shares were trading at euro 5.96 on the Amsterdam exchange at the close.
KPN stressed debt reduction "remains a priority for the company" and said this would continue through the sale of non-core assets and a cost-reduction programme.
It also said it was "actively reviewing" possibilities to participate in consolidation of the European Telecommunications sector.
AFP