UBS and Citi forced B&B rights issue cut - papers 3 June

UBS and Citi, the investment banks underwriting the issue, had agreed to guarantee a price of 82p six weeks ago but told B&B that 55p was more likely to be acceptable to investors. It was also the price at which the US-based private equity firm TPG Capital - previously Texas Pacific - was prepared to pay £179m for a 23% stake in the bank, which announced on 14 May that it was planning the rights issue. A CALL FOR global agreement on preventing manipulation of the crude oil market is to be made by John Hutton, the Business Secretary, at a meeting of G8 energy ministers in Japan this wee...