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Investing.com -- Danish energy firm Orsted (CSE:ORSTED) A/S is exploring a potential rights offering to raise up to €5 billion ($5.8 billion) to bolster its financial position, according to a report from Bloomberg, citing sources close to the matter.
The company may announce the fundraising plan within the coming weeks if it decides to move forward with the initiative, the sources said.
CEO Rasmus Errboe, who assumed leadership of Orsted earlier this year, has implemented cost-cutting measures to stabilize the company’s balance sheet. The firm has already canceled projects in the UK and US after its business model was disrupted by increasing costs and higher interest rates.
A rights offering would allow existing shareholders to purchase additional stock proportional to their current holdings. The Danish government holds a majority stake in Orsted.
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