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BUZZ-Centrica: bottom of Stoxx on equity issuance

Reuters - UK Focus

** Utility group Centrica (Amsterdam: CC8.AS - news) -c.7%, top loser on Stoxx 600 & on track for worst day in >1 yr on surprise equity issuance

** Intends to raise funds equal to c.7% of its current issued capital (c.350 mln shares) via placing with institutional investors (c£750-800 mln)

** Proceeds to fund 2 acquisitions, pay down additional debt (c£400 mln for latter)

** Some surprise in additional c.£400 mln being raised to pay down net debt, Jefferies says

** CNA also top FTSE 100 loser, with >1X 30-day avg vol through in c.30 mins (Other OTC: UBGXF - news)