* 414 mln eur issue to fund 1.2 bln eur Geoscience
* Shareholder FSI will subscribe to capital increase
PARIS, Sept 26 CGGVeritas said on
Wednesday it is raising funds to help finance the planned
acquisition of the seismic data division of Dutch engineering
company Fugro with a 414 million euro ($536.64
million) rights issue.
The French surveyor of oil and gas fields said it would use
the proceeds of the capital increase to fund its existing debt
if the acquisition is not achieved.
CGGVeritas said on Monday it would buy Fugro's Geoscience
unit for 1.2 billion euros ($1.56 billion) in cash to boost the
number of its services for the oil and gas sectors.
Each shareholder of CGGVeritas will receive one preferential
subscription right for every share held on Sept. 27 at a price
of 17 euros per share on the basis of 4 new shares for 25
existing shares, the company said.
The subscription price represents a 33 percent discount to
the closing price of the company's shares on Sept. 25.
Fonds Strategique d'Investissement, the private equity and
venture capital arm of France's Caisse des Depots et
Consignations which holds a 6.49 percent stake in CGGVeritas,
said it would subscribe to the capital increase.
It will also acquire the subscription rights of shareholder
IFP Energies Nouvelles, which is not taking part in the rights
($1 = 0.7715 euros)
(Reporting by Elena Berton)