FRANKFURT (Reuters) - German medical technology company Carl Zeiss Meditec (AFXG.DE) said it is to raise 300 million euros ($324 million) in a share issue to help finance acquisitions.
“Given the current dynamics and consolidation trends in our markets, we see significant opportunities in the short to medium term to accelerate our growth through selective acquisitions,” the company said in a statement on Tuesday.
The capital increase will be as much as 10 percent of outstanding shares minus one share.
Carl Zeiss AG [CZTOP.UL] which owns 65 percent of the medical company will not participate in the capital increase.
As a result the free float will increase to about 41 percent of the shares in issue after the capital hike from 35 percent currently, the company said in the statement.
The share price was down 7.5 percent at 39 euros in the Frankfurt market’s after-hours trading (AFXG.F).
Reporting by Harro ten Wolde and Alexander Heubner; Editing by Greg Mahlich