Kvaerner looks to salvage equity issue

Kvaerner, the Anglo-Norwegian engineering and construction group on the brink of insolvency, has until the market close on Tuesday to put together a syndicate to underwrite a Nkr1bn (€125m) rights issue.

The Oslo stock exchange, where Kvaerner's shares are listed, suspended trading in the company's stock on Monday after it failed to garner sufficient institutional support for a planned rights issue.

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