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Shares in Aryzta, the frozen baked goods company listed in Ireland and Switzerland, surged by as much as 13% on Tuesday morning after it signed an agreement with five international banks to underwrite its €800m rights issue, announced in August.
The deal will be underwritten by Bank of America Merrill Lynch and UBS as process banks and global coordinators. They are joined by Credit Suisse, JP Morgan and HSBC as joint global coordinators. Rothschild has been advising Aryzta during a review of its capital structure.