Nedlloyd cuts number of shares in rights issue

Nedlloyd cuts number of shares in rights issue    Royal Nedlloyd N.V., which owns 50 percent P&O Nedlloyd, said Monday it would reduce from 14.6 million to 11 million the maximum number of shares to be issued through a planned rights issue.
   The rights issue, announced last month, is designed to finance a cash payment to acquire Peninsular & Oriental Steam Navigation Co.'s 50-percent stake in the container shipping joint venture. The maximum number of shares to be issued to P&O — which will also receive a 25-percent shareholding in Nedlloyd as part of the acquisition — will reduce accordingly, Nedlloyd said.
   However, Nedlloyd said it will not change its target to raise about 190 million euros ($241 million) through the rights issue.
   The Dutch company also called an extraordinary general meeting of shareholders March 23 to submit the buyout plan. It has published an explanatory letter from the chairman of Nedlloyd’s executive board, an information memorandum regarding the acquisition and a copy of the company’s draft articles of association.
   Nedlloyd and P&O aim to complete the buyout in April or May. The transaction is also subject to the approval of P&O’s shareholders and to other conditions.