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G4S Plc To Sell Businesses, Issue Shares To Reduce Debt-Reuters
Reuters reported that G4S Plc said it would sell businesses and issue new shares to strengthen its balance sheet, allowing its new boss to focus on overhauling the security company and improve its battered reputation. G4S, which has endured an aborted takeover of Danish cleaning firm ISS, a botched contract to staff the 2012 Olympics and a profit warning in May, said it would place 140.9 million new ordinary shares representing up to 9.99% of its existing share capital. G4S said its largest shareholder Invesco supported the placing and intended to participate in it. It said the shares would be issued in an accelerated bookbuild on Wednesday. Citigroup, JP Morgan and Barclays are joint bookrunners for the sale.
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