Electrolux Shares Drop 24% on US Slump and Rights Issue
The Swedish appliance maker reported a first-quarter loss as North American demand fell. The company plans a $1 billion rights issue and a partnership with Midea.
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Shares of ELECTROLUX AB-B experienced a dramatic sell-off on Friday, plunging 24% to a 17-year low. The sharp decline followed a disappointing quarterly earnings report and the announcement of a massive $1 billion (9 billion Swedish crown) rights issue intended to stabilize the company's finances and fund a new strategic partnership.
