AUO brings ADR

Taiwanese panel producer jumps into equity market ahead of Korean rival LG Philips LCD.

AU Optronics returned to the ADR market for the first time in a year after New York's close on Monday with a 30 million unit deal via Goldman Sachs. The group's latest transaction mirrors a similar 30 million unit deal in June 2004 when AUO raised $480 million also via Goldman.

This time round it raised $460.5 million after pricing its deal at $15.35 per unit. This represented a 1.9% discount to the ADR's $15.65 close on Monday and a 2% discount to the stock's close the previous Friday in Taiwan. There is also a 10% greenshoe.

In 2004, the group priced its deal at a...

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