Ahold, the Dutch supermarket group, has said that its $3.7 billion rescue rights issue is almost fully subscribed, raising hopes that the group is back on track after February's accounting scandal.
The group has said it had achieved a 94.6 per cent take-up of the rights issue and that most of the proceeds would be used to cut its debt burden of euros 10.7bn.
Bankers have said the issue of 600m new shares would secure the company's debt repayments up to the end of 2005, the date by which Ahold has pledged to return to an investment grade credit rating.
Shares have risen to e5.86, with analysts saying the Dutch stock was, once again, becoming accessible to a wider range of investors.
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