Noble Group raises $500 million from upsized placement

The fundraising comes three days after the acquisitive supply chain manager and commodities trader beats expectations with its 2010 earnings.

Noble Group last night raised S$634.6 million $500 million from a top-up placement that was upsized following good demand. The deal, which was only the third equity transaction of size to price in Asia since the beginning of February, came just three days after Noble posted stronger-than-expected full-year results and may well be the start of a new wave of follow-ons as companies emerge from their earnings-related blackout periods.

True, the secondary markets are volatile at the moment and there are concerns about a further escalation of the violence in Libya and its effect on oil prices, but in a way, that could act as an incentive for issuers...

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